New York closing costs
Official source data 2026-10-01
On a $400,000 residential purchase in New York
$9,450
estimated buyer closing costs
State deed tax and residential mansion tax are included. NYC adds city tax and higher residential tiers. Mortgage recording tax is separate.
Service fees and prepaids are editable planning allowances. They are not state averages or quotes. The down payment is shown separately.
Build your closing budget.
What’s in the closing budget?
| Component | Buyer | Seller | Basis |
|---|---|---|---|
| Loan origination allowance | $3,200 | $0 | Loan amount × entered percentage |
| Appraisal allowance | $650 | $0 | Entered amount; omitted for cash purchases |
| Title coverage allowance | $2,000 | $0 | Price × entered percentage; buyer pays |
| Settlement / attorney allowance | $900 | $0 | Entered amount |
| Recording allowance | $200 | $0 | Entered document fees; exclude transfer taxes already shown below |
| Transfer and deed taxes | $0 | $1,600 | Published law and selected local inputs |
| Prepaid taxes / insurance / escrow | $2,500 | $0 | Entered allowance, separate from service fees |
| Negotiated brokerage commission | $0 | $20,000 | Price × entered percentage; negotiable |
| Seller miscellaneous allowance | $0 | $500 | Entered allowance |
| Total closing costs | $9,450 | $22,100 | Sum of entered fees and modeled taxes |
| Cash item | Amount |
|---|---|
| Down payment | $80,000 |
| Loan amount | $320,000 |
| Buyer cash to close | $89,450 |
| Seller mortgage payoff | $0 |
| Estimated seller net proceeds | $377,900 |
The buyer and seller can negotiate many expenses. This calculation excludes lender credits, seller concessions, prorated rent, HOA charges, inspections, repairs, and any mortgage taxes not in the stated deed-tax scope.
New York rules and assumptions.
Transfer-tax scope
State deed tax and residential mansion tax are included. NYC adds city tax and higher residential tiers. Mortgage recording tax is separate.
Settlement & title
Ask the settlement provider which services it is licensed to perform and which require an attorney. This editable allowance does not determine whether an attorney is required for your transaction.
New York Insurance Law 2113 gives applicants a written good-faith estimate of policy premiums and fees, with ancillary charges disclosed separately. Use that estimate to replace these title and settlement allowances.
Recording fees
NYC's ACRIS schedule is an example for its four ACRIS boroughs; Staten Island and other counties use their own offices. Pages, cover pages and additional blocks/lots affect fees. Mortgage recording taxes are outside this deed-tax model.
Start with another purchase price.
Good questions. Clear answers.
How much are closing costs in New York?
For the entered $400,000 price, this scenario produces $9,450 of buyer costs and $22,100 of seller costs. The fees are adjustable allowances; only the cited taxes follow the selected statutory scope.
Who pays the transfer tax?
The default allocation follows the state scenario shown above. The closing-cost tool lets you change the contractual deed-tax allocation; statutory buyer or seller surcharges retain their separate payer.
Is the down payment a closing cost?
It is not a service fee. This tool shows $80,000 as the down payment and $89,450 as total estimated buyer cash to close.
Are the title and attorney fees official state rates?
The defaults are planning allowances, not published title-policy quotes. Enter the applicable insurance or title-guaranty quote and the closing professional’s quote. Policy type, endorsements, loan size and reissue discounts can change the cost. Set the title payer to match your contract; use the additional buyer amount for coverage excluded from the percentage allowance.
How do I calculate seller net proceeds?
Subtract seller closing costs and the entered mortgage payoff from the sale price. Here that gives $377,900. Capital-gains tax, repair credits and other liens are excluded.
Check the source.
Data as of 2026-10-01. Retrieved .
- www.tax.ny.gov / rptidx.htm
- www.consumerfinance.gov / closing-disclosure As of 2026-10-02
- www.consumerfinance.gov / loan-estimate As of 2026-10-02
- www.nysenate.gov / 2113 As of 2026-10-02
- www.nyc.gov / property-uniform-commercial-code-ucc-financing-statement.page As of 2026-10-02