The New York Buyer’s Closing Cost Calculator

How the numbers are derived

Mansion tax. A purchaser charge on residential conveyances (including co-ops) of $1M or more. Outside NYC: a flat 1%. Inside NYC: the eight-tier progressive schedule from 1.0% to 3.9%, applied to the entire price, with a true cliff at each threshold. Commercial property is exempt.

Mortgage recording tax (financed deals only). NYC: 2.05% (loans under $500K) or 2.175% ($500K+) on 1–3 family/condo, gross of the 0.25% the institutional lender bears. Outside NYC the rate is set by county — Rockland 1.30%, the downstate MCTD counties 1.05%, much of upstate 1.00%. On a 1–6 family residence with a natural-person borrower the lender absorbs 0.25% and a small statutory exemption applies, both reflected here. Co-ops carry no mortgage recording tax — the loan is secured by shares, not a recorded mortgage.

Title insurance (real property only). Premiums are computed from the TIRSA Rate Manual (7th Revision) on the declining per-$1,000 bracket schedule. All five boroughs and the lower-Hudson / Long Island counties sit in TIRSA Zone 2: an owner's policy runs $402 on the first $35,000, then $6.67/$1,000 to $50K, $5.43 to $100K, $4.36 to $500K, $3.98 to $1M, $3.66 to $5M, and lower brackets above. When financed, the lender's policy is issued simultaneously at the discounted rate — 30% of the loan-policy schedule. Co-ops carry no title insurance. Final premiums may include search continuations and endorsements; treat it as an estimate.

Transfer taxes are the seller's — except in a sponsor sale. In a first sale from a sponsor, the contract customarily shifts the sponsor's NYC RPTT, NYS transfer tax, and attorney fee to the purchaser. Because the purchaser's payment of those taxes is itself additional consideration, the base is "grossed up." Per NYC Department of Finance guidance and Tax Law §1402, for residential property (1–3 family, condo, co-op) only the RPTT is grossed up — the NYS transfer tax is excluded from the gross-up, and the absorbed tax is excluded from the mansion-tax base, which stays on the contract price. For commercial property the RPTT and NYS tax are grossed up together. Toggle the gross-up off to see the un-grossed shift.

Threshold Watch. New York's mansion tax is a "cliff" tax — the higher rate reaches the entire price once a line is crossed. When a price sits just over the $1M threshold, or an NYC tier at $2M/$3M/$5M and up, the panel quantifies the exposure so it can be weighed in negotiation.

What this does not include. Property taxes and school/village taxes, tax and insurance escrow reserves, prepaid interest and points, HOA or condo/co-op application and move-in fees, and per-diem adjustments are excluded. It is a planning tool, not a title company's title bill and not a lender's Loan Estimate or Closing Disclosure; those documents control.

2026 legislative note. Spring 2026 proposals to raise the NYC mansion tax and lower its threshold were not enacted; the eight-tier schedule remains the law. A separate pied-à-terre surcharge has been reported as advancing — but that is a recurring annual tax, not a closing cost, and is not included here.