Last updated: March 2026
Typical closing costs
$12,000–$35,000
Median home price
$460,000
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New York has among the highest closing costs in the country. The state charges a transfer tax of $4 per $1,000 of purchase price (seller). NYC adds its own Real Property Transfer Tax (1.0%–1.425%, seller), a graduated Mansion Tax (1%–3.9% of full purchase price, buyer, on sales over $1 million), and a Mortgage Recording Tax (1.8%–1.925% of loan amount, buyer). Both buyer and seller universally hire separate attorneys — New York is effectively an attorney state. Title insurance rates are set by TIRSA and approved by the NY Department of Financial Services.
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Before you get to the Closing Disclosure, your Loan Estimate is your first chance to catch overcharges and compare lenders.
The NYC Mortgage Recording Tax (MRT) will appear as a large line item on your New York Loan Estimate — 1.8% of the loan amount for loans under $500,000, and effectively 1.925% for loans of $500,000 or more. On a $600,000 NYC mortgage, that's $11,550. This is non-negotiable state tax — every lender's LE should show the same MRT for the same loan amount. If one doesn't, it's a disclosure error.
If you're buying a co-op in NYC, compare LEs carefully: co-op share loans are exempt from the MRT, which can save $10,000+ compared to a condo purchase at the same price. The LE for a co-op will not show the MRT line. This is one of the few scenarios where the loan type materially changes your closing costs.
Attorney fees will not appear on your New York Loan Estimate — they are a separate cost you arrange independently. Budget $2,500–$5,000 for your attorney in NYC or $1,200–$2,500 upstate. Engage your attorney before signing a purchase contract, since NY attorneys negotiate the contract itself. Factor this into your total cash-to-close estimate beyond what the LE shows.
The Mansion Tax ($1M+ purchases) will not appear on your Loan Estimate — it shows up on the Closing Disclosure. If your purchase price is near the $1M threshold, ask your attorney to model the cost carefully: a purchase at $1,000,001 triggers a full $10,000 tax (1% of the entire price), while $999,999 triggers $0. The LE won't warn you — your attorney needs to flag it.
TIRSA title insurance rates are approved by the NY DFS — all NY title insurers charge the same rates. Your LE should show consistent title costs across lenders for the same coverage amount. The only title-related variable on your LE is the simultaneous issue discount for the lender's policy, which should be applied automatically. Verify it appears on every LE you receive.
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Check my Loan Estimate →Typical ranges for a home purchase in New York. Exact amounts depend on purchase price, county, and lender.
| Fee |
|---|
| NY State transfer taxSeller · No — $4 per $1,000 statewide |
| NYC Real Property Transfer Tax (NYC only)Seller (buyer pays in new development) · No — 1.0% under $500K; 1.425% above |
| NYC Mansion Tax (NYC, purchases over $1M)Buyer · No — 1%–3.9% of full purchase price |
| NYC Mortgage Recording Tax (NYC)Buyer · No — 1.8%–1.925% of loan amount |
| Buyer's attorney feeBuyer · Slightly — flat fee, shop attorneys |
| Seller's attorney feeSeller · Slightly — flat fee, shop attorneys |
| Owner's title insurance (TIRSA rate)Buyer · Minimal — TIRSA-filed rate |
| Lender's title insurance (simultaneous issue)Buyer · Minimal — TIRSA simultaneous issue |
| Recording feesBuyer · No — county clerk schedule |
| Lender origination feeBuyer · Yes — most negotiable item at closing |
In NYC, the Mansion Tax and Mortgage Recording Tax are the largest variable buyer costs — both non-negotiable. Lender origination fees and attorney fees are the most negotiable items on a New York Closing Disclosure.
Closing-cost benchmarks from 61,190 verified New York closing disclosures — typical lender median is $6,858.
Many of the fees listed above also appear on your Loan Estimate — the document your lender must provide within 3 business days of your mortgage application. Comparing Loan Estimates from multiple lenders is the single best way to reduce closing costs. Check if your Loan Estimate fees are competitive →
Origination Fee
Negotiable · Section A
Processing Fee
Negotiable · Section A
Underwriting Fee
Negotiable · Section A
Title Insurance
Negotiable · Section C
Appraisal Fee
Non-negotiable · Section B
Recording Fee
Non-negotiable · Section E
Transfer Tax
Non-negotiable · Section E
Attorney Fee
Negotiable · Section C
Courier Fee
Negotiable · Section H
Credit Report Fee
Non-negotiable · Section B
Flood Certification Fee
Non-negotiable · Section B
Tax Service Fee
Non-negotiable · Section B
Wire Transfer Fee
Negotiable · Section H
Document Preparation Fee
Negotiable · Section A
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New York is effectively an attorney state. There is no law requiring attorneys, but both buyers and sellers universally hire separate real estate attorneys for all residential transactions. In NYC, attorney fees run $2,500–$5,000 per side for standard transactions; upstate (Buffalo, Albany, Rochester), fees run $1,200–$2,500. Attorneys in New York negotiate the purchase contract itself, conduct title review, and attend closing — their role is far broader than in most other states.
The NYC Mortgage Recording Tax (MRT) is one of the largest buyer closing costs in the state. For residential mortgages of $500,000 or more, the buyer's effective cost is 1.925% of the loan amount. On a $700,000 NYC mortgage, that's $13,475. For mortgages under $500,000, the buyer pays 1.80%. Co-op purchases are exempt — share loans are not mortgages on real property. Outside the five boroughs, the MRT is typically 1.0%–1.3% depending on county, significantly lower than NYC.
The NYC Mansion Tax is not marginal — it applies to the entire purchase price once a threshold is crossed. A purchase at $999,999 has zero Mansion Tax; a purchase at $1,000,001 triggers a 1% tax on the entire price, costing the buyer $10,000. Crossing the $2 million threshold adds another $2,500+ in incremental tax. Plan your purchase price carefully around these thresholds. Higher tiers (2.25% at $5M, 3.25% at $10M, up to 3.9% at $25M+) apply similarly.
Title insurance rates in New York are set by TIRSA (Title Insurance Rate Service Association) and approved by the NY DFS under a filed-rate system. The $100,000–$500,000 bracket ($3.78/K) covers most upstate residential transactions; the $500,000–$1,000,000 bracket ($3.38/K) covers many NYC condos. For a $460,000 purchase, the TIRSA-rate owner's policy runs approximately $1,738. All licensed NY title insurers must use these rates.
Co-op purchases in NYC involve additional costs not present in condo or house purchases: board application fee ($500–$1,500), credit check fees ($50–$150 per applicant), a non-refundable move-in fee ($500–$1,500), and typically a flip tax paid by the seller (1%–3% of the sale price — about 90% of NYC co-ops have one). On the plus side, co-ops are exempt from the Mortgage Recording Tax, which saves buyers 1.8%–1.925% of the loan amount — potentially $10,000+ on a large loan.
The NYC Mansion Tax is a graduated buyer-paid tax on residential purchases of $1 million or more. The rate is 1% on purchases from $1M to just under $2M, then steps up through additional tiers: 1.25% at $2M, 1.5% at $3M, 2.25% at $5M, 3.25% at $10M, 3.5% at $15M, 3.75% at $20M, and 3.9% at $25M and above. Critically, the tax applies to the full purchase price once a threshold is crossed, not just the amount above the threshold. A purchase at $1,000,001 triggers a $10,000 Mansion Tax; a purchase at $999,999 triggers nothing. Planning your purchase price carefully around these thresholds can save significant money.
The NYC Real Property Transfer Tax (RPTT) is a seller-paid tax on residential sales: 1.0% of the full sale price for properties under $500,000, and 1.425% for properties at or above $500,000. In new development sales (sponsor or developer selling to first buyer), it is customary for the buyer to pay the RPTT by contract. This means buyers purchasing new construction condos in NYC should budget for both the Mansion Tax (if over $1M) and the RPTT (1.425% on most new construction). On a $1.2 million new development condo, that is $12,000 in Mansion Tax plus $17,100 in RPTT, totaling $29,100 in buyer-paid transfer-related taxes before any mortgage or title costs.
The NYC Mortgage Recording Tax does not apply to co-op apartment purchases because co-ops involve the purchase of shares in a corporation rather than the transfer of real property. The loan used to purchase a co-op is a share loan, not a mortgage on real estate, and share loans are not subject to the MRT. This exemption can save buyers 1.8% to 1.925% of the loan amount compared to a condo purchase at the same price. However, co-ops have their own unique costs: board application fees of $500 to $1,500, credit check fees of $50 to $150 per applicant, and a flip tax of 1% to 3% of the sale price set by each co-op's governing documents and paid by the seller.
In NYC, buyer closing costs typically run $12,000–$35,000 depending on purchase price, loan size, and whether the Mansion Tax and Mortgage Recording Tax apply. Outside NYC, total buyer closing costs on a median upstate home run $5,000–$10,000. The biggest NYC-specific costs are the Mortgage Recording Tax (1.8%–1.925% of loan amount) and the Mansion Tax (1%–3.9% on purchases over $1M), plus attorney fees of $2,500–$5,000.
The NYC Mansion Tax is an additional buyer-paid tax on residential purchases of $1 million or more. Rates are graduated: 1.0% ($1M–$1.999M), 1.25% ($2M–$2.999M), 1.5% ($3M–$4.999M), 2.25% ($5M–$9.999M), 3.25% ($10M–$14.999M), 3.5% ($15M–$19.999M), 3.75% ($20M–$24.999M), 3.9% ($25M+). The tax applies to the full purchase price once a threshold is crossed — crossing $1M costs the buyer $10,000 more than a purchase at $999,999.
The NYC Mortgage Recording Tax (MRT) is a buyer-paid tax on the loan amount. For residential mortgages $500,000 and above, the buyer's effective cost is 1.925% of the loan. For mortgages under $500,000, the buyer pays 1.80%. On a $700,000 NYC mortgage, the MRT is $13,475. The MRT applies only within the five boroughs and does not apply to co-op share loans.
There is no state law requiring an attorney, but in practice both buyer and seller hire separate attorneys for all New York residential transactions — and it is strongly advisable. New York attorneys negotiate the purchase contract (not just review it), conduct title review, and attend closing. NYC fees run $2,500–$5,000; upstate $1,200–$2,500. Proceeding without an attorney in New York is genuinely risky.
The NY State transfer tax ($4/$1,000) is paid by the seller. In NYC, the Real Property Transfer Tax (1.0% under $500K; 1.425% over $500K for residential) is also paid by the seller — except in new development (sponsor/developer sales), where the buyer customarily pays the seller's RPTT by contract. The Mansion Tax (if applicable) is always paid by the buyer.
Co-ops have one major cost advantage: they are exempt from the Mortgage Recording Tax, saving buyers 1.8%–1.925% of the loan amount. On a $600,000 co-op loan, that's roughly $11,000 in savings. However, co-ops have additional costs: board application fees ($500–$1,500), move-in fees ($500–$1,500), credit check fees, and a flip tax paid by the seller (1%–3% of sale price). Condos are subject to MRT but have fewer purchase process costs.
New York City consistently ranks as the most expensive market in the country for closing costs, driven by the Mortgage Recording Tax, Mansion Tax, NYC transfer taxes, and mandatory attorney fees. A $1.5 million NYC condo purchase can involve $20,000–$40,000 in taxes alone, before lender fees, title, or attorney costs. Upstate New York is dramatically cheaper — only the $4/$1,000 state transfer tax, standard TIRSA title rates, and attorney fees apply, with no MRT.
Compared to neighboring states: Connecticut charges a deed transfer tax of 0.75% (1.25% above $800K). New Jersey has a tiered realty transfer fee paid by the seller. Pennsylvania has transfer taxes of 2%–4.578% depending on municipality. None match NYC's combined tax burden for high-value purchases, though New Jersey's property taxes are the highest in the nation on an annual basis.
The gap between NYC and the rest of New York State is enormous. A $500,000 home purchase in Buffalo involves roughly $5,000–$9,000 in total closing costs. The same purchase in Manhattan can easily involve $25,000–$40,000. The primary difference is the absence of the Mortgage Recording Tax and NYC-specific transfer taxes outside the five boroughs.
SONYMA (State of New York Mortgage Agency) offers first-time buyer programs including below-market rate mortgages and down payment assistance. The Achieving the Dream program targets lower-income buyers; the Conventional Plus program offers down payment assistance of up to 3% of the loan. Some SONYMA programs allow funds to be applied to closing costs.
NYC first-time buyers may qualify for the HomeFirst Down Payment Assistance Program, which offers up to $100,000 toward down payment and closing costs for qualifying buyers purchasing in the five boroughs. Income limits, homebuyer education, and occupancy requirements apply.
The Mansion Tax cliff at $1,000,000 is a real financial decision point. If your negotiated price is slightly above $1 million, ask your attorney whether negotiating below $1M is feasible — saving $10,000+ in Mansion Tax often outweighs modest price concessions. Your attorney should model this explicitly.
Both buyer and seller attorney fees are paid by the respective parties — there is no custom of one side covering the other's attorney. Budget for your attorney as a separate cost from closing costs listed on your CD. Engage an attorney before going into contract, as they negotiate the purchase contract in New York.
Refinancing in New York is one of the most expensive in the country because of mortgage recording tax (MRT), which can run 1.05% to 2.175% of the loan amount depending on county and loan size. On a $400,000 NYC refi, MRT alone can exceed $7,000. The single biggest savings lever is CEMA (Consolidation, Extension, and Modification Agreement) — by rolling the existing mortgage into the new one, the borrower pays MRT only on new money. Typical CEMA savings: $3,000 to $10,000.
For the full refinance guide tailored to New York — including the CEMA mechanics, county-by-county MRT rates, and the patterns we see most often on NY refinance LEs — see the dedicated New York refinance page at /refinance/new-york.
Nearby states: Connecticut · Massachusetts · New Jersey · Pennsylvania · Vermont
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