- The state’s rules, as above
New York closing cost calculator
New York buyers pay a mortgage recording tax that ranges from 0.5% to 1.925% of the loan depending on where they buy, plus a 1% mansion tax at $1 million and up. In New York City the mansion tax rises
Compare prices
Same loan and costs, different prices. Useful for weighing
A New York purchase, worked out
The calculator opens on $450,000, about the median value of an owner-occupied home in New York ($449,800, 2024 Census estimate), with 20% down on a 30-year conventional loan and a closing on
The buyer brings about $107,089: $90,000 down and $17,089 in closing costs, 3.8% of the price. New York’s taxes on the buyer come to $2,700 of that: mortgage recording tax $2,700. The monthly payment comes to about $2,838, with property
| Down payment | $90,000 |
|---|---|
| Origination and lender feesest. | +$3,600 |
| Appraisalest. | +$700 |
| Lender’s title insuranceest. | +$500 |
| Owner’s title insuranceest. | +$1,575 |
| Settlement or escrow feeest. | +$600 |
| Closing attorneyest. | +$900 |
| Recording feesest. | +$250 |
| Mortgage recording tax | +$2,700 |
| Property taxes the seller prepaidest. | +$333 |
| Homeowner’s insurance, first yearest. | +$2,250 |
| Prepaid interest (27 days)est. | +$1,731 |
| Property tax escrow (3 months)est. | +$1,125 |
| Insurance escrow (2 months)est. | +$375 |
| Home inspectionest. | +$450 |
| Cash to close | $107,089 |
Estimates are tagged “est.”; New York’s taxes follow its rules. A “−” is a credit, like the seller’s share of this year’s property tax where it’s paid after
At other prices
New York’s buyer taxes: the mortgage recording tax (0.75% of the loan); the mansion tax (1% of the price, from $1,000,000). Each row has 20% down on
| Price | New York’s buyer taxes | Closing costs | Cash to close | Monthly payment |
|---|---|---|---|---|
| $250,000 | $1,500 | $11,297 | $61,297 | $1,597 |
| $500,000 | $3,000 | $18,610 | $118,610 | $3,153 |
| $750,000 | $4,500 | $26,375 | $176,375 | $4,730 |
| $1,000,000 | $16,000 | $44,200 | $244,200 | $6,307 |
| $2,000,000 | $32,000 | $85,499 | $485,499 | $12,613 |
Buying in New York: what to know
Taxes buyers pay
New York’s buyer pays the mortgage recording tax, which depends on the county: 0.75% of the loan in most upstate counties, 1% in others such as Albany and Schenectady, 0.5% in a few, 0.8% on Long Island and in Dutchess, Orange and Putnam, 1.05% in Rockland and Westchester, 1.55% in Yonkers, and in New York City 1.8% on loans under $500,000 and 1.925% at $500,000 and up. The lender pays an extra 0.25% on one- to six-family homes. Buyers also pay the 1% mansion tax on the whole price for homes of $1
Real estate transfer tax
The seller pays New York State’s transfer tax of $2 per $500 (0.4%) on the whole price, rounded up to the next $500. In New York City the seller also pays the city’s Real Property Transfer Tax on the entire price: 1% for a home, condo or co-op at $500,000 or less and 1.425% above. On residential sales of $3 million or more in the city, the state rate
Title insurance
The buyer customarily pays for the owner’s (fee) policy throughout New York. Title rates are filed by the Title Insurance Rate Service Association, so they don’t vary
Who runs the closing
New York attorneys customarily represent both buyer and seller and run the closing, especially downstate. Budget for a
Property taxes and escrow
New York taxes are generally paid in advance. Town and county taxes are billed in January for the calendar year and school taxes in September for the July-to-June school year; New York City bills its July-to-June year in advance. The buyer typically reimburses the seller for
Local differences
New York City buyers pay a graduated mansion tax on the whole price: 1% from $1 million, 1.25% from $2 million, 1.5% from $3 million, 2.25% from $5 million, 3.25% from $10 million, 3.5% from $15 million, 3.75% from $20 million and 3.9% from $25 million. A $2.5 million purchase pays $31,250, plus $38,500 in mortgage recording tax on a $2 million loan. On the East End of Long Island, buyers also pay the 2%
New York by county and city
Most of New York follows the rules above. These places add a tax of their own, set a different rate or change who pays, and the calculator applies them when you pick one. Amounts are what the buyer usually pays in transfer and deed taxes on $450,000 with 20% down, plus the owner’s title policy where the buyer
- Mortgage recording tax 1%
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 1%
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 1%
- Mortgage recording tax 0.5%
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 1.55%
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 1%
- Mortgage recording tax 1%
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 0.8%
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 1%
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 1%
- Mortgage recording tax 1%
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 0.5%
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 1%
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 0.5%
- Mortgage recording tax 0.8%
- City’s real property transfer tax
- State’s added rate from $3 million
- Mortgage recording tax 1.8% to 1.925%
- Mansion tax 1% to 3.9% from $1,000,000
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 0.8%
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 0.8%
- Mortgage recording tax 1%
- Mortgage recording tax 1.05%
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 1%
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 0.5%
- Mortgage recording tax 1%
- Mortgage recording tax 0.8%
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 0.5%
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
- Mortgage recording tax 0.5%
- Mortgage recording tax 1%
- Mortgage recording tax 1%
- Mortgage recording tax 1%
- Mortgage recording tax 1.05%
- Mortgage recording tax 1%
- Mortgage recording tax 0.75%
- Mansion tax 1% from $1,000,000
Buying in New York: questions
Is there a mansion tax in New York?
Yes. Buyers pay 1% of the whole price on homes of $1 million or more. In New York City the rate rises in steps to 3.9% at $25
How much is the mortgage recording tax in New York City?
Buyers pay 1.8% of the loan on mortgages under $500,000 and 1.925% at $500,000 and up for a one- to three-family home or condo. On a $2 million loan
Who pays for title insurance in New York?
The buyer customarily pays for the owner’s policy in New York, along with
How much are closing costs in New York?
On a $450,000 home with 20% down on a conventional loan, the calculator’s estimates put a New York buyer’s closing costs at about $17,089, or 3.8% of the price, and cash to close at $107,089. New York’s taxes on the buyer come to $2,700 of that: mortgage recording tax $2,700. Lender fees, insurance and the rate vary, so put in your lender’s Loan Estimate for
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Sources
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