New York City Closing Cost Calculator


Note:
Inquire with bank/mortgage broker for additional fees. NY State Law requires a written letter of engagement if the legal fee will exceed $3,000. Projections below are only estimates. Please confirm all closing costs for specific transactions with your attorney and/or mortgage representative.

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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