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.
What closing costs look like at common price points
Estimated totals for a resale purchase with 20% down (mansion tax, recording tax, title, bank, board, and attorney fees — excluding the down payment itself):
| Purchase | Est. closing costs | % of price |
|---|---|---|
| $500,000 co-op | $6,000 | 1.2% |
| $750,000 co-op | $6,000 | 0.8% |
| $1,000,000 co-op | $16,000 | 1.6% |
| $750,000 condo | $21,050 | 2.8% |
| $1,000,000 condo | $36,400 | 3.6% |
| $2,000,000 condo | $72,800 | 3.6% |
All-cash buyers skip the recording tax and lender fees; new-development buyers add the sponsor’s transfer taxes (use the calculator above with the new-development option).
Details: mansion tax tiers · recording tax guide · CEMA savings.