Estimate your total closing costs as a buyer in New York City — including mansion tax, mortgage recording tax, title insurance, and attorney fees.
Enter your purchase details below
For property in the five boroughs. Outside NYC, the state transfer tax is 0.4% and the mansion tax is a flat 1%.
Estimates for general guidance only. Actual costs vary. Contact Agarunov Law for a personalized estimate.
The two largest NYC-specific costs are the mansion tax and the mortgage recording tax. Both are calculated on a whole amount rather than in marginal slices, so the rate that applies to your bracket applies to the entire price or loan.
| Line item | How it is calculated | Applies to |
|---|---|---|
| Mansion tax | Full price × bracket rate: 1% ($1M–$2M) up to 3.9% ($25M+) | All NYC residential purchases of $1M+, including co-ops |
| Mortgage recording tax | Loan × 1.8% (under $500K) or 1.925% ($500K+) | Condos and 1–3 family houses with a mortgage; not co-ops |
| Title insurance | Estimated from a tiered percentage of price | Condos and houses; actual premiums follow the TIRSA rate manual |
| Attorney fee | The amount you enter | Every purchase |
| Lender fees | The amount you enter | Financed purchases |
| Recording | Estimated deed and mortgage recording charges | Condos and houses |
| Cost | Amount |
|---|---|
| Mansion tax (1%) | $12,000 |
| Mortgage recording tax (1.925%) | $18,480 |
Title insurance, lender fees and attorney fees are added on top; enter your figures above for the full total.
Our NYC buyer closing costs guide breaks down every fee by property type.
Sources: Mansion tax, NY Tax Law §1402-a and §1402-b; mortgage recording tax, NY Tax Law Article 11 (§253).
Found the apartment? A NYC real estate attorney reviews the contract, the building’s financials and the board package before you commit your deposit.
Common questions about NYC buyer closing costs
NYC buyer closing costs typically range from 2% to 6% of the purchase price. Major costs include mansion tax (on purchases $1M+), mortgage recording tax (1.8%-1.925%), title insurance, attorney fees, and lender fees. Co-op buyers have lower costs as they avoid mortgage recording tax and title insurance.
The mortgage recording tax (MRT) is charged when a mortgage is recorded on a NYC condo or one- to three-family house. The borrower pays 1.8% of the loan amount on loans under $500,000 and 1.925% on loans of $500,000 or more (the lender covers an additional 0.25% on most residential loans). Co-op loans are not recorded mortgages, so co-op buyers do not pay MRT.
Yes. The mansion tax applies to all NYC residential purchases over $1 million, including co-ops. However, co-op buyers do not pay mortgage recording tax or title insurance, which significantly reduces their overall closing costs compared to condo buyers at the same price point.
Not by statute, but in practice every NYC purchase involves attorneys on both sides: sellers’ attorneys draft the contract, and lenders and co-op boards expect buyers to be represented. Buyer representation is usually quoted as a flat fee. Ours start at $1,500 for residential purchases, with the final fee depending on the property type, financing and the complexity of the deal.
Purchases from $1 million up to $2 million are taxed at 1% of the full price, so a $1.5 million purchase carries $15,000 in mansion tax. The buyer pays it at closing.
No. A co-op loan is secured by shares and the proprietary lease rather than a recorded mortgage, so no mortgage recording tax applies. Co-op buyers also do not buy title insurance, which is why co-op closing costs run lower than condo closing costs at the same price.
In most sponsor sales, the buyer pays the NYC and NYS transfer taxes that a seller would normally pay, along with the sponsor’s attorney fee. Budget for these on top of the mansion tax and mortgage recording tax.