NYC Mortgage Recording Tax Calculator
Financing a condo or house purchase in NYC? You’ll owe Mortgage Recording Tax on the loan amount — and if you’re buying a co-op, you won’t owe it at all. Enter your loan amount to see the full breakdown, including the small portion customarily paid by your lender.
Want your full buyer closing costs, not just MRT? See our Buyer Closing Cost Calculator, or all our calculators.
Glossary
The full Mortgage Recording Tax is 2.05% of the loan for amounts under $500,000 and 2.175% at $500,000 or more. By long-standing custom on 1-6 family residential mortgages, the lender pays 0.25% of that and the borrower pays the rest — 1.8% and 1.925% respectively. Your closing statement will show the buyer-paid figure.
Mortgage Recording Tax is levied on mortgages secured by real property. A co-op purchase transfers shares and a proprietary lease, not real property, so a co-op loan (sometimes called a share loan) isn’t subject to MRT at all.
A larger down payment directly lowers your loan amount and therefore your MRT. If you’re assuming part of the seller’s existing mortgage through a Purchase CEMA, MRT is only owed on the new money above the assumed balance — see our CEMA Savings Calculator.