New York City Closing Cost Calculator

Closing Costs NYC for Buyers & Sellers


Closing CostsPlease find below a complete list of estimated New York City Real Estate Closing Costs when purchasing a Condo, Co-op or Townhouse. For Closing Costs for Sellers, please scroll down the page. If financing, your lender must prepare a good faith estimate of all settlement costs before closing, but the title company or other entity calculates the exact amount you are required to bring to closing. Be sure to get a cashier’s check for your share of the costs a few days before the settlement date.

*Since these costs are usually paid on a monthly or annual basis, you may pay for some services used by the seller before they moved. Similarly, some expenses are paid in advance of services being used. Proration allows the buyer and the seller to balance these accounts so that each only pays for the services they used.
Related Links:
  • Buyers Closing Cost Calculator: Calculate
  • Timeline for Closing on a Condo or Coop: Learn more
  • What is a Real Estate Closing Statement?: Learn more
  • What happens at closing?: Learn more

  • New York City Real Estate Closing Costs for Buyers


    IMPORTANT: Inquire with bank/mortgage broker for additional fees. NY State Law requires a written letter of engagement if the legal fee exceeds $3,000. Non-New York State residents should procure exemption for state transfer tax forms. Projections below are only estimates. Please confirm all closing costs for specific transactions with your real estate attorney and mortgage representative.

    Condo Closing Costs

    Own Attorney:$1,500 + up
    Managing Agent Application Fee: $300 +
    Credit Report Fee:$75 - $100 per applicant
    Lead-Based Paint Disclosure Fee:$0 - $50
    Mansion Tax:1% of the purchase price when $1 million +
    Move-in Deposit: $500 - $1,000 (refundable if no damage)
    Common charges, real estate taxes, and insurance: prorated as of the closing
    Condo Mortgage Associated Fees:prorated as of the closing
    Mortgage Tax:(Paid by the buyer, condominium/townhouses only, when financing )
    Recording Tax Sales under $500,000:1.8% of the entire mortgage
    Recording Tax Sales over $500,000: 1.925% of the entire mortgage
    Application, Credit Check, etc.:$500 + up
    Appraisal:$250 + up
    Bank Attorney: $500 + up
    UCC-1 Filing:$50 + up
    Recognition Agreement Fee:$200 + up
    Lien Search:$350
    Fee Title Insurance: Approx:$450 per $100,000
    Mortgage Title Insurance:Approx. $200 per $100,000
    Recording Fees:$200 - $300
    Origination Costs - Points: 0-3% of the loan value
    Departmental Searches:$200 - $400
    Real Estate Tax Escrow:2-6 months
    If Purchased Directly from Sponsor * New Developments
    NYC Property Transfer Tax: - 1% of purchase price up to $500,000
    - 1.425% of purchase price over $500,000
    NYS Transfer Tax:$4 per $1,000 of the purchase price
    Sponsor's Attorney Fee: $1,500

    Co-op Closing Costs

    Own Attorney:$1,500 + up
    Bank Fees: Points:0% to 3% of loan value
    Application, credit check, etc: $500+
    Bank Attorney: $700+
    Miscellaneous Bank Fees:$500+
    Lien Search:$300
    UCC-1 Filing:$100
    Appraisal Fee:$300+
    Application Fee (Credit Report/Appraisal):$500+ ( Short-Term Interest; Equal to interest
    for the balance of month in which you close. )
    Move-in Deposit:One-time fee of $500.00+
    Recognition Agreement Fee:$200
    Maintenance Adjustment:Pro-rated for the months of closing.
    Mansion Tax:1% of entire purchase price where price is $1,000,000 or more.

    Townhouse Closing Costs

    Own Attorney:$1,500 +
    Engineer/Inspection Report: $750 - $2000
    Termite Inspection:$200 - $500
    Mansion Tax: 1% of entire purchase price where price is $1,000,000 or more.
    Townhouse Mortgage Associated
    Origination Costs - points:0 - 3% of loan value
    UCC-1 Filing:$50 +
    Appraisal Fee:$300 +
    Application Fee (Credit Report/Appraisal): $500 +
    Mortgage Recording Tax:(Paid by buyer, condominium/townhouses only, when financing )
    Recording Tax Sales under $500,000: 1.75% of entire mortgage
    Recording Tax Sales over $500,000: 1.875% of entire mortgage
    Title Insurance, Title Search & Recording Fees: up to 0.5% of purchase
    Building Searches: $200 - $400
    Recording Charge:$17 per document plus $5 per page
    NYS Transfer Tax:$4 per $1,000 of the purchase price

    New York City Real Estate Closing Costs for Sellers


    Please find below a complete list of estimated New York City Real Estate Closing Costs when selling a Condo, Co-op or Townhouse. These figures are presented as a general guideline only. Actual closings costs will vary for every transaction. Before signing any contract, sellers should have all closing costs explained to them by their attorney.

    Condo / Townhouse Closing Costs

    Broker(s):Typically 5%-6%
    Seller’s attorney (negotiated flat rate):$2,500±
    NY City Transfer Tax:1% of sales price for sales of $500,000; or less 1.425% for sales in excess of $500,000
    NY State Transfer Tax:$2 per $500 (or 0.4% of sales price)
    Miscellaneous title company fees (if seller has mortgage):$450±
    Move-out deposit or fees (condo):$1,000 (varies)
    Managing agent fees (condo):$500±

    Co-op Closing Costs

    Broker(s):Typically 5% - 6%
    Seller’s attorney (negotiated flat rate):$2,500±
    NY City Transfer Tax:1% of sales price for sales of $500,000; or less 1.425% for sales in excess of $500,000
    NY State Transfer Tax:$2 per $500 (or 0.4% of sales price)
    Flip tax (if any)*:Often 2-3%, consult managing agent
    Managing agent fee:$600±
    Stock Transfer Tax:$0.05 per share
    Move-out deposit or fees:$1,000 (varies)
    Payoff bank attorney (if seller has mortgage):$500±
    UCC-3 filing (if seller has mortgage):Up to $100 per loan
    *Flip taxes vary on amount and by whom they are payable (buyer or seller)

    Closing Cost Calculator





    Property Details

    To calculate your approximate closing costs when purchasing an Condo, Co-op or Townhouse please answer and complete all fields within the calculator.
    You are
    Are you purchasing in a New Development? (Sponsor Sale)
    Property Type
    Do you plan on financing?

    Purchase Price and Downpayment

    Purchase Price
    USD
    Downpayment
    %
    Mortgage
    700,000
    USD

    Purchasing from Sponsor

    When purchasing a new development or conversion from a sponsor unless negotiated the NYC & NY State Property transfers taxes and attorney fee’s are paid by the buyer.
    New York City Property Transfer Tax
    14,250
    USD
    1% of purchase price up to $500,000
    1.425% of purchase price over $500,000
    New York State Transfer Tax
    4000
    USD
    $4 per $1,000 of the purchase price
    Sponsor’s Attorney Fee
    USD
    $1,500-$2,500

    Fees for Condo or Townhouse

    Properties priced above $1,000,000 are subject to the New York City Mansion Tax.
    Attorney Fees
    USD
    Starting at $1,500
    Survey Fees
    USD
    $250-$350, if applicable
    Recording Expenses
    USD
    Starting at $500
    Fee Title Insurance
    4500
    USD
    Approx. $450 per $100,000
    Mansion Tax
    10,182.50
    USD
    1% of purchase price when $1 million +

    Building-related Fees

    Building associated expenses vary depending on the management company servicing the building.

    The purchase approval process requires an application. Each building charges an application fee as well as move-in charges and a lead paint disclosure fee. In addition often when a closing occurs mid month there can be a common charge adjustment.
    Application
    USD
    $200 and up
    Move-In Deposit
    USD
    $500-$1000, refundable if no damage
    Common Charges Adjustment
    USD
    One month of common charges, prorated for the month
    Lead Paint Disclosure Fee
    USD
    $0-$50

    Building-related Fees


    Bank and Mortgage-Associated Fees

    When financing you are subject to mortgage associated expenses and fees.
    Fees vary among mortgage lenders; some of the fees are fixed and others can be negotiated.

    Total mortgage-associated expenses range from 3% to 5% of the total financed.

    Appraisal
    USD
    $250 and up
    Credit Check
    USD
    $30-$100 per applicant
    Mortgage Application
    USD
    $300 and up
    Mortgage Origination Fees
    %
    0-3% of loan value
    3000
    USD
    Bank Attorney
    USD
    $1500 +
    Other Bank Fees (tax escrow, homeowners’ insurance)
    USD
    $400-$1200
    Mortgage Title Insurance
    2000
    USD
    $200 per $100,000
    Mortgage Tax
    13,475
    USD
    Recording Tax Sales under $500,000 = 1.8% of entire mortgage
    Recording Tax Sales over $500,000 = 1.925% of entire mortgage

    Closing Costs

    IMPORTANT: Please confirm all closing costs for specific transactions with your attorney and/or mortgage representative.
    Total: (approx.)
    60,957.50
    USD

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