Closing costs are the fees and taxes you pay on top of your down payment. In New York City, buyers often pay somewhere around 2% to 5% of the price, depending on the property type and whether you take a mortgage. Use the estimator below, then compare it to the Loan Estimate your lender gives you.
Estimate only. Tax amounts are figured by your attorney and title company at closing. Leave the other fields at 0 until you have quotes; the tax lines are calculated for you.
The big-ticket items
| Cost | Who pays | How much |
|---|---|---|
| Mortgage recording tax (NYC) | Buyer, on houses and condos with a mortgage | 1.8% of loans under $500,000; 1.925% of loans $500,000 and up. Co-ops are exempt. |
| Mortgage recording tax (Westchester) | Buyer | About 1.05% of the loan for 1–2 family homes (1.55% in Yonkers), after the lender’s share |
| Mansion tax (NYC) | Buyer, on homes $1 million and up | 1% at $1 million, rising in steps to 3.9% at $25 million |
| Mansion tax (Westchester) | Buyer, on homes $1 million and up | 1% |
| Title insurance | Buyer (houses and condos) | Rates are regulated in New York; get a quote from your title company |
| Attorney | Buyer | Varies; ask for a flat-fee quote up front |
NYC mansion tax brackets
| Purchase price | Rate on the full price |
|---|---|
| $1 million to under $2 million | 1% |
| $2 million to under $3 million | 1.25% |
| $3 million to under $5 million | 1.5% |
| $5 million to under $10 million | 2.25% |
| $10 million to under $15 million | 3.25% |
| $15 million to under $20 million | 3.5% |
| $20 million to under $25 million | 3.75% |
| $25 million and up | 3.9% |
Co-op vs condo closing costs
Co-op buyers usually pay less at closing because a co-op loan is not a real estate mortgage, so there is no mortgage recording tax and no title insurance. Co-ops do have their own fees, like a lien search, application and move-in fees, and sometimes a flip tax. Read Condos vs Co-ops for the full comparison.
Ways to lower what you bring to closing
- Check Down Payment Assistance Programs. Several can be used for closing costs, not just the down payment.
- Compare Loan Estimates from at least two or three lenders.
- Ask your attorney whether a seller credit toward closing costs makes sense in your negotiation.
This page is general information, not legal or tax advice. Rates were checked in September 2026 and can change.
Want help building a real budget? Contact us for a free buyer consultation, and see the Step-by-Step Home Buying Guide.