NYC Closing Cost Calculator for Buyers
The estimated New York City closing costs for buyers below should only be considered rough estimates. Before proceeding with the transaction, confirming the closing costs with your attorney and mortgage representative is essential.
By clearly understanding your closing costs, you can prepare yourself financially and ensure you have the necessary funds to complete the transaction. Therefore, it’s advisable to consult with your attorney and mortgage representative to get a comprehensive breakdown of the closing costs involved. It is important to note that a written engagement letter is required under NY State Law if the legal fee exceeds $3,000. On the other hand, if you are a seller, you can use the Seller’s Calculator.
IMPORTANT: While we’ve provided estimated closing costs, confirming the final amount with your attorney and mortgage lender is important before finalizing the transaction.
Estimated Closing Costs
ELIKA New York: Real Estate Calculators
Explore
Closing Costs for Buyers Explained
The final closing costs for homebuyers depend on several factors, such as property type (co-op or condo) or new construction, level of financing, and purchase price. The buyer’s closing costs are typically 2-6% of the purchase price. If you purchase a condo or new construction, the closing costs will be higher, including transfer taxes; you’ll need to cover title insurance for a start. New York State sets it and comes with administrative charges, ranging from about $3,000 to $4,000.
Then there are the extra costs if you need a mortgage. Bank fees range from $2,000 to $3,000, while bank attorney fees and the appraisal range 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%, which only applies to condos.
Whether you’re buying a co-op or condo, you’ll need to pay your attorney’s fees, which 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. For detailed information on the closing process for buyers, visit the NYC closing process.