New York Closing Cost Calculator
Institutional-grade calculations to estimate Mansion Taxes, Mortgage Recording Taxes, and Title Insurance fees for premium Manhattan & Brooklyn purchases.
NYC Closing Cost Calculator
Manhattan & Brooklyn • Condo & Co-op
Your Transaction
Enter the property details to calculate your closing costs with precision.
💡 Condos & Townhouses are subject to Mortgage Recording Tax and Title Insurance fees.
Estimates only. Figures are based on standard NYC closing costs and may vary.
Consult a licensed NY Real Estate Attorney for exact figures.
NYS Progressive Mansion Tax Rates
Effective for transactions in New York City starting at $1,000,000.
| Purchase Price Range | Mansion Tax Rate |
|---|---|
| Under $1,000,000 | 0.00% (Exempt) |
| $1,000,000 to $1,999,999 | 1.00% |
| $2,000,000 to $2,999,999 | 1.25% |
| $3,000,000 to $4,999,999 | 1.50% |
| $5,000,000 to $9,999,999 | 2.25% |
| $10,000,000 to $14,999,999 | 3.25% |
| $15,000,000 to $19,999,999 | 3.50% |
| $20,000,000 to $24,999,999 | 3.75% |
| $25,000,000 and above | 3.90% |
Understand Your NYC Closing Costs
Progressive Mansion Tax
Unlike standard taxes, the Mansion Tax is progressive and applies to the entire purchase price once it hits $1,000,000. It ranges from 1% to 3.9%.
Mortgage Recording Tax
NYC imposes a tax on recording a mortgage. For residential properties, this is 1.8% (loans under $500k) or 1.925% (loans of $500k+), minus a statutory $30.
Co-op Exemption Advantage
Since Co-ops are structured as shares in a corporation rather than real property, they are entirely exempt from Mortgage Recording Tax and Title Insurance.
Legal Attorney Fees
New York transactions almost always require legal representation. Flat rates for local real estate attorneys range from $2,500 to $4,500.
Frequently Asked Questions
Who is responsible for paying the Mansion Tax in NYC?
The buyer is legally responsible for paying the Mansion Tax. It must be paid to the NYC Department of Finance, usually within 15 days of closing. In rare circumstances, if the buyer is exempt, the seller may be required to pay it.
Are there any exemptions to the Mansion Tax?
Properties purchased for under $1,000,000 are entirely exempt. Additionally, certain governmental agencies, charitable institutions, and non-profits may qualify for exemptions.
What is the difference between Condo and Co-op closing costs?
Condos require Title Insurance and are subject to Mortgage Recording Tax. Co-ops do not require recording a deed, meaning they bypass both fees, saving buyers thousands in upfront closing costs.
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