NYC buyer closing costs calculator
How much are buyer closing costs in NYC?
Roughly 2%–6% of the purchase price, and the property type drives it: financed condo and house buyers pay the mortgage recording tax and title insurance; co-op buyers skip both; everyone pays the mansion tax at $1M+; and new-development buyers often absorb the seller’s transfer taxes too.
Why co-ops close so much cheaper
A co-op purchase is a transfer of shares, not real property — so there is no mortgage to record (no 1.8%–1.925% recording tax) and no deed to insure (no ~0.5% title insurance). On a $1M purchase with 80% financing, that is roughly $20,000 of costs a condo buyer pays and a co-op buyer doesn’t.
Details: mansion tax tiers · recording tax guide · CEMA savings.