Closing costs
Closing costs in New York
In New York, an attorney is customarily involved in the closing, and New York levies a transfer/deed tax of about 0.4%, customarily seller-paid. state transfer $2/$500 (seller); NYC RPTT + buyer mansion tax computed in finance.ts. Here's roughly what you'll pay and what each line is.
How much are closing costs in New York?
Estimated buyer closing costs in New York (on top of your down payment), for a single-family home with 10% down and good credit:
| Home price | Estimated closing costs |
|---|---|
| $300,000 | $9,274–$12,824 |
| $400,000 | $11,548–$15,648 |
| $500,000 | $13,823–$18,473 |
Illustrative estimates — a single-family home, conventional loan, 10% down, good credit. Your real figures come from your Loan Estimate and Closing Disclosure.
What's in your closing costs
- Lender fees — loan origination (~0.5–1% of the loan), plus the appraisal.
- Title insurance — a lender's policy (and usually an owner's policy) protecting against title defects.
- Prepaids & escrow — a year of homeowners insurance plus a couple months of property-tax escrow set aside up front.
- Recording & settlement — county recording fees plus the settlement agent (or attorney) who runs the closing.
Who closes, and transfer taxes, in New York
New York is an attorney-closing state — a real-estate attorney customarily conducts the closing (budget an attorney fee instead of a settlement fee).
New York levies a transfer/deed tax of about 0.4%, customarily seller-paid. state transfer $2/$500 (seller); NYC RPTT + buyer mansion tax computed in finance.ts
The FHA loan limit in New York is about $541,287.
New York specifics: financed purchases add a mortgage recording tax, and homes at $1,000,000+ owe the mansion tax (1% and up in NYC). See every closing cost itemized.
Plan for the full cash to close
Closing costs are only part of the cash you'll need. The down payment is the rest. Map your full savings target:
See your real numbers for New York
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