NYC Buyer Closing Costs

Buyer Closing Costs Calculator NYC

 Closing cost projections for buyers below are only estimates. Please confirm your closing costs with your attorney and mortgage representative. NY State Law requires a written letter of engagement if the legal fee exceeds $3,000. Seller’s Calculator

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Closing Costs Explained

The final bill is based on several factors such as property type (co-op or condo), level of financing, purchase price, and whether or not the property is new construction. Closing costs for buyers are typically 2-6% of the purchase price. If you are purchasing a condo, the closing costs will be higher; you’ll need to cover title insurance for a start. Set by New York State and comes with several administrative charges, which all together come to about $3,000 to $4,000. Then there are the extra costs if you’ll need a mortgage. Bank fees run from $2,000 to $3,000, while bank attorney fees and the appraisal go from $500 upwards. If the loan is over $500,000, you’ll need to cover a mortgage tax of 1.925% for loans under $500,000. It’s 1.8%, something which only applies to condos.

Whether you’re buying a co-op or condo, you’ll need to pay your attorney’s fees, which can range from $2,000 to $3,000. The deal can be more complicated than usual if you set up an LLC to purchase a condo as an international buyer. Then the attorney costs will increase and require additional work in filing the LLC.