Property Details
Housing Type
Select the property type that best matches the home you’re considering.
Estimated Buying Closing Costs
Mansion Tax
$
%
New York State + New York City Transfer Taxes
$
%
Resident Manager Unit (RMU) Contribution
%
Working Capital Fund Contribution
$
%
Storage
%
Additional Concessions
%
Sponsor Attorney
%
Buyer's Broker Commission
Buyer's Attorney Fee
Move-In Fee
%
Board Application Fees
%
Building Questionnaire Fee
%
Move-In Deposit
%
Flip Tax
Total Buying Closing Costs
$56,900
3.793%
**The closing cost calculator linked here is provided for general informational and educational purposes only and is not intended to be financial, legal, tax, or real estate advice. The results are estimates only, may not reflect actual closing costs, and should not be relied upon as the sole basis for financial decisions. You should verify all figures independently and consult with your own qualified real estate attorney, lender, accountant, or licensed real estate professional before making any decisions or taking any action. By using this tool, you agree that neither we nor our agents are liable for any errors, omissions, or outcomes resulting from reliance on the calculator or its results.
FAQ
How much are buyer closing costs in NYC?
Buyer closing costs in NYC typically range from 2% to 5% of the purchase price, depending on the property type, financing, and transaction details. Upper West Side co-op buyers often pay lower closing costs than condo buyers, while new development purchases may include additional fees and transfer taxes. The Boyle Team helps buyers understand expected closing costs upfront so there are no surprises during the home buying process.
Is it possible to reduce my buyer closing costs in NYC?
In some cases, buyer closing costs can be reduced through lender incentives, seller concessions, or strategic negotiation during the transaction. Working with an experienced Upper West Side real estate team can also help identify opportunities to save money throughout the purchase process. The Boyle Team guides buyers through every step of the transaction and helps them make informed financial decisions when purchasing a home in Manhattan.
How much can I save with a commission rebate?
The amount you may save with a commission rebate depends on the purchase price of the property and the terms of the rebate program. On higher-priced Upper West Side homes, condos, and co-ops, a rebate can potentially result in significant savings at closing. The Boyle Team can discuss available options and help determine whether a commission rebate may be available for your specific transaction.
How do buyer agent commission rebates work?
A buyer agent commission rebate is typically paid from the commission earned by the buyer’s broker and provided to the purchaser at or after closing, where permitted by law. The rebate does not affect the level of representation you receive and can help offset some of your closing expenses. The Boyle Team can explain how commission rebates work and whether they are applicable to your Upper West Side real estate purchase.
Are broker commission rebates taxable?
In many situations, broker commission rebates are generally treated as a reduction in the purchase price rather than taxable income. However, tax laws and individual circumstances can vary. Buyers should consult a qualified tax professional regarding their specific situation. The Boyle Team is happy to coordinate with your advisors to help ensure you understand the financial implications of your transaction.
Glossary
MANSION TAX
The Mansion Tax in NYC is a progressive buyer closing cost which ranges from 1% to 3.9% of the purchase price on sales of $1 million or more. The NYC Mansion Tax consists of 8 individual tax brackets. The lowest rate of 1% applies to purchases at or above $1 million and less than $2 million. The highest Mansion Tax rate of 3.9% applies to purchases of residential property valued at $25 million or more. Prior to the 2019 update, the Mansion Tax was a fixed rate of 1% for all purchases of $1 million or more.
NYC MANSION TAX RATES
| Price | Tax Rate |
|---|---|
| $1,000,000 – $1,999,999 | 1.00% |
| $2,000,000 - $2,999,999 | 1.25% |
| $3M - $4,999,999 | 1.5% |
| $5M - $9,999,999 | 2.25% |
| $10M - $14,999,999 | 3.25% |
| $15M - $19,999,999 | 3.5% |
| $20M - $24,999,999 | 3.75% |
| $25M or greater | 3.9% |
Title Insurance
Title insurance is an insurance policy against any defects or future claims against the title for issues which were unknown at the time of purchase when the original title search was conducted. This means you’ll be protected if a previous owner comes out of the woodwork ten years after your purchase, and claims that there was a mistake in the chain of title and that he never sold the property to the seller of your property, which means the seller of your property didn’t have a right to sell it to you.
Title insurance comes in the form of an owner’s policy (which protects your home equity based on the purchase price) and a lender’s policy which insures your mortgage lender from any title-related losses on your loan’s principal balance. You can also purchase an additional insurance policy called a ‘Market Value Rider’ which will automatically step-up the amount of your Title Insurance policy coverage to match appreciation in the market value over time.
Title Insurance Fee in NYC
| Description | Amount |
|---|---|
| Owner's Title Insurance Policy Premium | 0.4% to 0.5% of Purchase Price |
| Loan Title Insurance Policy Premium | 0.1% of Loan Amount $600 to $1200 |
| Other Charges | $600 to $1200 |
| Endorsements | $250 |
Attorney Fees
The average fee for a real estate attorney on purchase transaction in NYC is $3,000 to $4,000. The flat fee rates you are quoted will vary based on the complexity of your real estate transaction. Lawyer fees can be as high as $5,000 for a more complex transaction and for new developments. Real estate attorney fees are typically taken at closing and will be part of the closing costs mentioned in your lawyer’s closing statement. Some lawyers may negotiate for half or some other portion of the fee to be paid upfront, with the remainder to be paid at closing. If you’re buying a sponsor unit (new construction), it’s customary for the buyer to also cover the seller’s attorney fees in addition to the NYC and NYS Transfer Taxes. This is the reverse of a traditional private resale where sellers pay the Transfer Taxes and cover their own attorney fees. Keep in mind that sponsor closing costs are negotiable.
Move-In Deposit & Fees
Most condos and co-ops in NYC charge buyers a refundable move-in deposit in addition to a non-refundable move-in fee. Exact fees vary by building, and they are usually listed in the resale application (also know as board application). Keep in mind that these fees are usually non-negotiable, as they are contractual based on the underlying management agreement in place between a condo or co-op building and the managing agent.
Board Application Fees
NYC condos and co-ops charge buyers a non-refundable board application fee, typically $300–$700. The fee is paid when you submit your board application, along with a move-in fee and move-in deposit and the seller’s move-out fee and move-out deposit. Check your building’s purchase application for a fee schedule and to see which forms of payment are accepted. Even if personal checks are permitted, we always suggest sending certified checks because it will eliminate the processing time associated with waiting for your checks to clear the bank. The board application fee is non-refundable, so you will not receive a refund if you’re unfortunate enough to be rejected by the co-op board.
Mortgage Recording Tax
The NYC Mortgage Recording Tax is a buyer closing cost which is 1.8% for loans below $500k and 1.925% for loans of $500k or more. The amount of the Mortgage Recording Tax is based on the amount of new loan being underwritten. This means your MRT bill will continue to go down as you increase the size of your down payment. You can reduce the amount of the Mortgage Recording Tax by negotiating a Purchase CEMA with the seller.
NYC Mortgage Recording Tax rates are as follows:
Mortgage Recording Tax Rates For NYC
| Initial Loan Balance | Property Type | Total Tax | Lender Pays | Buyer Pays |
|---|---|---|---|---|
| Under $500,000 | All | 2.05% | 0.25% | 1.80% |
| $500,000 or More | Condos & 1-3 Family Houses | 2.175% | 0.25% | 1.925% |
| $500,000 or More | Other Property Types | 2.80% | 0.00% | 2.80% |
Mortgage Related Fees
The typical mortgage application fee in NYC is $500 to $1000. Some banks will waive this fee for their preferred clients who have above $100k to $250k on deposit with the bank. The average appraisal fee is ~$750. Banks usually will not offer to cover this, as they have to hire and pay a 3rd party appraiser. Other mortgage-related expenses include a Mortgage Recording Fee of ~$200.
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