Closing Costs in New York (2026): Every Fee a Buyer Actually Pays
Closing costs in New York run 2% to 4% of the purchase price for buyers — and more in New York City, where the mortgage recording tax alone adds nearly 2% of your loan. Here is the complete list, with realistic ranges, so nothing surprises you at the closing table.
The complete buyer's list
| Item | Typical cost | Notes |
|---|---|---|
| Buyer's attorney | $2,000 – $4,000 | Required in practice: NY closings are attorney-driven |
| Mortgage recording tax | 1.8% – 1.925% of loan | NYC only; 1.8% under $500k, 1.925% at $500k+ |
| Mansion tax | 1% – 3.9% of price | Only on purchases of $1M+ |
| Title insurance | ~0.45% – 0.65% of price | Rates regulated by the state; lender policy included |
| Appraisal | $500 – $800 | Ordered by your lender |
| Home inspection | $400 – $800 | Optional but strongly recommended for houses |
| Lender/origination fees | $1,500 – $3,000 | Application, underwriting, credit report |
| Bank attorney | $1,000 – $1,500 | You pay your lender's attorney too |
| Recording & filing fees | $300 – $800 | County clerk charges |
| Prepaid escrow | 2–6 months of taxes/insurance | Funds your escrow account at closing |
Condo and co-op extras
- Co-ops: board application fees ($500–$1,000), move-in deposit, sometimes a flip tax (often paid by the seller — verify in the offering plan). But co-ops usually avoid the mortgage recording tax and title insurance, saving thousands.
- New construction condos: sponsors often pass their transfer taxes and attorney fees to the buyer — add ~1.5%–2% unless you negotiate them out.
Two realistic totals
- $750,000 condo in Queens with $600,000 loan: attorney $3,000 + MRT $11,550 + title $4,100 + appraisal/inspection $1,200 + lender fees $3,500 + recording $500 ≈ $23,900 (3.2%).
- $450,000 house in Orange County with $360,000 loan: no NYC MRT. Attorney $2,500 + title $2,500 + appraisal/inspection $1,200 + lender $2,500 + recording $500 ≈ $9,200 (2.0%).
How to reduce them
- Shop lenders. Origination fees vary by thousands for the same rate.
- Ask for lender credits. A slightly higher rate can offset closing costs if you are short on cash.
- Negotiate a seller's concession. Up to 3%-6% of the price (by loan type) can be credited toward your closing costs.
- In new construction, negotiate the transfer taxes. In slower markets sponsors often absorb them.
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Open the mortgage calculator →Frequently asked questions
Can closing costs be included in the mortgage?
Not in a standard purchase. They are due in cash at closing. Alternatives: lender credits (higher rate, lower fees) or a seller's concession negotiated in the contract.
Why are closing costs so much higher in NYC?
Mainly the mortgage recording tax (1.8%-1.925% of the loan), which exists only in the five boroughs, plus the mansion tax on $1M+ purchases.
Do co-op buyers pay the mortgage recording tax?
No. Co-op purchases are technically share transfers, not real property mortgages, so the MRT does not apply — one of the hidden financial advantages of co-ops.
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Informational content only; not financial or legal advice. Rates and taxes verified as of the update date; confirm figures with your lender and attorney.