NYC Buyer Closing Cost Calculator

A progressive buyer closing cost on sales of $1 million or more, ranging from 1% to 3.9% of the purchase price across eight brackets. The lowest bracket (1%) applies to deals between $1 million and $2 million; the highest (3.9%) applies above $25 million.

A buyer-paid tax on the mortgage amount: 1.8% for loans under $500,000, and 1.925% for loans of $500,000 or more.

A Consolidation, Extension, and Modification Agreement lets a buyer assume and consolidate the seller’s existing mortgage balance into their new loan. Mortgage recording tax is only owed on the new money above the assumed balance, which can mean real savings on larger loans — ask your attorney whether the seller’s lender allows it.

Co-ops skip owner’s title insurance and most title-related fees (since you’re buying shares, not real property) but add a recognition agreement fee and UCC-1 filing fee tied to the bank’s lien on your shares. Condos pay title insurance and recording fees but no recognition/UCC-1 fees.

On new development purchases, the buyer typically pays the NYC and NY State Transfer Taxes (usually a seller cost in a resale) plus the sponsor’s attorney fee — pushing total buyer closing costs to 6% or more of the purchase price.