NYC CEMA savings calculator
What is a CEMA and what does it save?
A CEMA (Consolidation, Extension and Modification Agreement) assigns an existing mortgage to your new lender so you pay New York’s mortgage recording tax only on the new money — the amount above the old loan’s balance — instead of on the entire new loan. On large loans the savings run to five figures; lender CEMA fees of roughly $2,000–$3,000 come out of that.
When a CEMA is worth it
- Refinancing: almost always ask — without a CEMA you pay the full recording tax again on the whole new loan.
- Buying (purchase CEMA): needs the seller’s cooperation and their lender’s consent, takes 30–90 days, and sellers often ask to split the savings — still usually worth it on loans over ~$400,000.
- Co-ops: not applicable — co-op loans pay no mortgage recording tax at all.
Background: the full mortgage recording tax guide.