NYC Buyer Closing Cost Calculator
Estimate the cash you will need to bring to closing on a Manhattan condo, co-op, or townhouse.
Closing costs in New York City run from roughly 1% to over 6% of the purchase price for buyers, depending on price, financing, and whether the property is a condo, co-op, or house. The biggest line items are the Mansion Tax, the Mortgage Recording Tax (which does not apply to co-ops), Title Insurance (which does not apply to co-ops), and your attorney. This calculator estimates each, plus the smaller building and closing fees that round out the bill.
Estimate My Closing CostsTell us about the purchase
What are NYC buyer closing costs?
Closing costs are the one-time taxes and fees a buyer pays at closing on top of the purchase price. In New York City, they are higher than in most US markets, mainly because of the Mansion Tax (a state and city surcharge on residential purchases of $1 million or more) and the Mortgage Recording Tax (a percentage of the loan amount, on real-property purchases). For a typical Manhattan buyer, closing costs come in around 1% to 6% of the purchase price, depending on price, financing, and property type.
The biggest single line item for most luxury buyers is the Mansion Tax. The second biggest is the Mortgage Recording Tax, but only if the purchase is financed and the property is a condo or 1-3 family house. Co-ops do not have either Mortgage Recording Tax or Title Insurance, which makes co-op closing costs materially lower than condo or house closing costs at the same price.
The Mansion Tax
The Mansion Tax is a one-time tax paid by the buyer on residential purchases in New York City of $1 million or more. It has eight cliff brackets, meaning the rate that applies to your tier is the rate on the entire purchase price (not just the portion above the threshold):
| Purchase Price | Total Mansion Tax Rate |
|---|---|
| Under $1,000,000 | None |
| $1M to $2M | 1.00% |
| $2M to $3M | 1.25% |
| $3M to $5M | 1.50% |
| $5M to $10M | 2.25% |
| $10M to $15M | 3.25% |
| $15M to $20M | 3.50% |
| $20M to $25M | 3.75% |
| $25M and over | 3.90% |
The Mansion Tax applies equally to condos, co-ops, and 1-3 family houses used residentially. Because it is a cliff tax, even a few dollars over a bracket boundary jumps you up a tier. A purchase at $5,000,000 pays Mansion Tax at 2.25%; a purchase at $4,999,999 pays at 1.50%. Sales just under a threshold are common for exactly this reason.
Mortgage Recording Tax
The Mortgage Recording Tax (combined NYS and NYC) applies to the loan amount on financed purchases of condos and 1-3 family houses. It does not apply to co-ops, because a co-op share loan is not recorded against real property.
- Loans under $500,000: 1.80% of the loan amount.
- Loans of $500,000 or more: 1.925% of the loan amount.
- Banks typically pay a 0.25% portion, so the buyer's effective rate is 1.55% or 1.675%.
For a $2 million loan, that is about $33,500 the buyer pays at closing. On a $5 million loan, about $83,750.
Title Insurance
Title Insurance protects the buyer (and the bank, if there is a loan) against defects in title that pre-date the sale. It only applies to real-property transfers, so condos and houses pay it; co-ops do not. The premium follows the TIRSA rate schedule:
- Owner's policy: roughly 0.45% of the purchase price as a typical estimate, paid as a one-time premium.
- Mortgage policy: a separate, smaller premium on the loan amount, roughly 0.13% as a rough order of magnitude.
The exact figure depends on the schedule tier and any endorsements (e.g., market value rider, environmental, gap coverage). Your title closer will give you a firm number.
Attorney Fee
Buyer's attorneys in Manhattan typically charge a flat fee of $3,000 to $5,000 for a standard residential purchase. New development transactions tend to be higher, and complex deals (foreign buyer, trust or LLC structure, multiple units) can be higher still.
Other building and closing fees
The remaining line items are smaller individually but add up. Typical Manhattan figures:
- Move-in deposit: $500 to $2,000 (refundable for many buildings).
- Building application / board package fees: $250 to $1,000+ depending on the building.
- Title closer fee, deed recording, lien search, credit check: typically $200 to $500 each.
- Co-op recognition agreement (UCC-1) filing: small fees, typically under $500.
- Survey fee (houses): $1,000 to $1,500 if a current survey is not available.
The calculator rolls these into a single "Other building / closing fees (typical)" line so the breakdown stays focused on the items that drive the bill.
How condo, co-op, and house closing costs compare
For the same $3 million purchase financed with a $1.5 million loan, here is how the big four line items typically come out:
| Item | Condo / House | Co-op |
|---|---|---|
| Mansion Tax | $45,000 (1.5%) | $45,000 (1.5%) |
| Mortgage Recording Tax (net of bank credit) | ~$25,125 | $0 (does not apply) |
| Title Insurance (owner's + mortgage) | ~$15,450 | $0 (does not apply) |
| Buyer's Attorney | $3,500 | $3,500 |
| Other fees | ~$3,000 | ~$2,500 |
| Big-four subtotal | ~$92,075 | ~$51,000 |
That difference, roughly $40,000 at $3 million, is one of the standard arguments for choosing a co-op over a condo when other factors are close. The flip side: co-op boards routinely decline non-resident buyers and entity ownership (see our condo vs. co-op guide).
New development sponsor units
When the seller is the sponsor of a new development, the offering plan typically shifts certain costs to the buyer that the seller would otherwise pay on a resale:
- NYC Real Property Transfer Tax (1% or 1.425%).
- NY State Transfer Tax (0.4% or 0.65% on residential at $3M+).
- Sponsor's attorney fee (typical $3,500).
On a $5 million new condo, that is roughly an extra $100,000+ vs. an equivalent resale. Worth knowing before you fall in love with the floor plan.
Non-resident and pied-à-terre buyers
If the property will not be your primary residence, the new annual NYC pied-à-terre surcharge (effective July 1, 2026) also applies on top of your regular property tax. It is not a closing cost, but it changes the long-term math materially for non-resident owners. See our pied-à-terre tax calculator and explainer. Foreign and non-resident buyers should also see our guide to buying as a foreign or non-resident buyer for the FIRPTA, estate-tax, and ownership-structure issues that go beyond closing costs.
How to reduce NYC buyer closing costs
A few legitimate, well-known levers:
- Stay under a Mansion Tax bracket boundary if it makes sense for the property. A purchase at $1,999,999 saves more in Mansion Tax than a purchase at $2,000,000 costs you in opportunity.
- Use a CEMA (Consolidation, Extension and Modification Agreement) on a financed condo or house purchase. If the seller's existing mortgage can be assumed and combined with the buyer's new loan, the buyer pays Mortgage Recording Tax only on the new money, not the entire loan. This requires cooperation from the seller and both lenders.
- Negotiate seller-paid closing costs directly into the contract (this is a market-driven negotiation, not a tax loophole).
- Buy a co-op, which avoids Mortgage Recording Tax and Title Insurance entirely.
Frequently asked questions
What percentage of the purchase price are NYC buyer closing costs?
Roughly 1% to 6% of the purchase price for most Manhattan transactions. The two big swings are the Mansion Tax bracket (which jumps from 0% to 1% at $1M, and again at each higher threshold) and whether the property is a co-op (which avoids Mortgage Recording Tax and Title Insurance). At $1M+ with financing, condo and house closing costs commonly land near 4% to 6%; co-ops at the same price often come in near 2% to 3%.
Are NYC closing costs higher for condos or co-ops?
Higher for condos. Condos pay both Mortgage Recording Tax (on the loan) and Title Insurance (on the price and loan). Co-ops pay neither, because they are not real property in the way condos and houses are. At a $3 million price with a $1.5 million loan, the difference is roughly $40,000 in favor of the co-op. Houses (1-3 family) have the same closing-cost profile as condos.
Who pays the Mansion Tax?
The buyer pays the Mansion Tax. It applies to all residential purchases in NYC of $1 million or more (condos, co-ops, and 1-3 family houses), at the cliff rates above. There is no marginal version. The tax is paid at closing.
Does the Mortgage Recording Tax apply to co-ops?
No. A co-op loan is secured by shares in the cooperative corporation, not by real property, so there is no mortgage to record. Title Insurance also does not apply to co-ops for the same reason. This is the single biggest reason co-op closing costs are lower than condo or house closing costs at the same price.
How do new development closing costs differ from resale?
On a sponsor sale (new development), the buyer typically picks up the NYC and NY State Transfer Taxes that a resale seller would otherwise pay, plus the sponsor's attorney fee. At $5 million, that adds roughly $100,000+ to the buyer's closing costs vs. a comparable resale.
What is a CEMA and how much does it save?
A CEMA (Consolidation, Extension and Modification Agreement) lets a buyer assume the seller's existing mortgage and combine it with new money from their lender. The buyer then pays Mortgage Recording Tax only on the new money, not the entire loan. Savings depend on the loan amounts but are often $10,000 to $30,000+ on a typical financed transaction. CEMAs require cooperation from the seller and both lenders, and not every loan is eligible.
How accurate is this calculator?
The Mansion Tax, Mortgage Recording Tax, and (for new dev) Transfer Tax figures are precise at the bracket and rate level. Title Insurance uses a typical approximation of the TIRSA rate schedule. Attorney, building, and bank fees use Manhattan-typical defaults; your actual numbers will vary by lender and building. Treat this as a planning estimate, not a closing statement.