Home / Calculators / Closing cost calculator
Free calculator
NYC closing costs, down to the dollar.
New York stacks more closing taxes than anywhere in the country — the mansion tax, the mortgage recording tax, city and state transfer taxes. Run your numbers with the 2026 rates before you make an offer or list.
Your purchase.
Co-ops are exempt from the mortgage recording tax.
Your sale.
*Commissions can vary — they are negotiable and set between you and your broker.
Only if your co-op charges one — check with the managing agent.
$0
Your down payment becomes equity in the home — the true transaction costs are everything above it. Mortgage recording tax is the buyer’s share; the lender pays 0.25% by law. Estimates, not quotes: taxes are computed at 2026 statutory rates. These numbers are for information purposes only — everyone should do their own due diligence.
$0
Net proceeds are before any mortgage payoff; the final line shows proceeds after your mortgage balance is repaid. Estimates, not quotes: taxes are computed at 2026 statutory rates. These numbers are for information purposes only — everyone should do their own due diligence.
How the math works.
New York layers city and state taxes on every sale. This calculator applies the 2026 statutory rates exactly as the tax code writes them:
- Mansion tax (buyer): not marginal — the rate applies to the full price once it reaches $1M. 1% ($1–2M), 1.25% ($2–3M), 1.5% ($3–5M), 2.25% ($5–10M), 3.25% ($10–15M), 3.5% ($15–20M), 3.75% ($20–25M), 3.9% ($25M+).
- Mortgage recording tax (buyer): 1.80% of the loan under $500K, 1.925% at $500K or more — minus a $30 credit for 1–2 family homes. Co-ops are exempt (no mortgage is recorded). The lender pays a separate 0.25%.
- NYC transfer tax – RPTT (seller): 1% of the price at $500K or below, 1.425% above.
- NYS transfer tax (seller): 0.4% below $3M, 0.65% at $3M or more.
Attorney fees and title charges vary by deal — both are editable above so you can use your own quotes.
Questions, answered.
Who pays the NYC mansion tax — buyer or seller?
The buyer pays it, in full, at closing. And it is not marginal: once the price reaches $1 million, the rate applies to the entire price. That is why a $1,000,001 sale owes 1% of $1,000,001 — not 1% of one dollar.
Do co-op buyers pay the mortgage recording tax?
No. The mortgage recording tax applies when a mortgage is recorded against real property — co-op buyers take shares and a proprietary lease, so no mortgage is recorded and the tax does not apply. Condo and house buyers do pay it: 1.80% of the loan under $500K, 1.925% at $500K or more.
What is the NYC Real Property Transfer Tax (RPTT)?
The seller-paid city transfer tax: 1% of the sale price at $500,000 or below, 1.425% above that, for residential property. It is separate from the state transfer tax (0.4% below $3M, 0.65% at $3M+), which the seller also pays.
How much are closing costs in NYC for buyers?
As a rule of thumb: 2–4% of the price for condos and houses under $1M (on top of the down payment), 1–2% for co-ops, and materially more once the mansion tax kicks in at $1M. Run the calculator above for your exact price — the tax brackets make rules of thumb unreliable near $500K and $1M.
More free tools.
Every calculator runs on current 2026 rates and Queens numbers.
Rent vs buy calculator
Should you rent or buy in Queens? Compare the true year-by-year cost with Queens rents and 2026 mortgage rates.
Open the calculator →Affordability calculator
How much house can you afford in Queens? Enter your income, debts and down payment for an honest price range using the 28/36 rule and 2026 mortgage rates.
Open the calculator →Queens price per sq ft ranking
Every Queens neighborhood ranked by median sale price per square foot, from verified 2026 market data.
Open the calculator →Want these numbers in your inbox?
Send your results to Alomgir and he will email them back with a quick read on what they mean for your situation — no spam, no obligation.
Sources & rates used
- NYC Dept. of Finance — mortgage recording tax & RPTT rates (nyc.gov/finance)
- NYS Tax Law — mansion tax brackets & transfer tax rates (tax.ny.gov)
- Freddie Mac PMMS — 30-yr fixed 7.03%, week ending Sept 24, 2026 (freddiemac.com)
- Attorney & title figures are editable estimates, not quotes.
Work with Alomgir
Numbers are the starting point.
A calculator can’t walk the block, read the comparable sales, or negotiate the deal. That’s the part I do — every day, across Queens.