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:

Illustrative estimates — a single-family home, conventional loan, 10% down, good credit. Your real figures come from your Loan Estimate and Closing Disclosure. Sourced inside this estimate: the county recording fee (LegalClarity (2026) — flat clerk recording fee, not value-based), the New York property-tax escrow (Construction Coverage 'Where Are U.S. Property Taxes Highest?' (2026 ed.), US Census 2024 ACS effective owner-occupied rate; pub. 2026-02-09), and the transfer tax and who conducts the closing (both cited below). The dollar ranges behind it — loan origination, the appraisal, title insurance, homeowners insurance, and the attorney or settlement fee — are typical ranges rather than sourced figures: they vary by lender, provider, and market.

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

Who conducts the closing: DocJacket / ALTA (2026), Superior Notary Services, HomeLight — cross-referenced; practice varies and changes, confirm locally. Transfer tax: each state's own transfer-tax statute or revenue department, read directly (NY: NY Dept. of Taxation & Finance); accessed July 2026.

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, or save a home to your shortlist to price one you've found in your own dollars.

In New York it is customarily the seller's. It should not hit your cash to close — but it is real money in the deal, so it is worth knowing when you negotiate.

State rate applied to the sale price at 0.4%. Counties and cities can levy their own on top, so treat this as the state floor rather than the whole bill. Source: each state's own transfer-tax statute or revenue department, read directly (NY: NY Dept. of Taxation & Finance); accessed July 2026

A chunk of your closing costs is not a fee at all — it is money set aside up front to seed your escrow account. Because New York taxes property at about 1.227% a year (10th of 50 states), that prepaid slice is larger here than in most states.

Effective property-tax rate by state (2024 ACS) — your county or municipality may differ; confirm locally. Source: Construction Coverage 'Where Are U.S. Property Taxes Highest?' (2026 ed.), US Census 2024 ACS effective owner-occupied rate; pub. 2026-02-09. The two-month cushion is a common lender practice, not a New York rule — your Loan Estimate states the exact figure.

Closing costs are only part of the cash you'll need. The down payment is the rest. Map your full savings target: