The New York Closing Cost Estimator

How the numbers are derived

Title insurance — buyer (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 a purchase is financed, the lender's policy is issued simultaneously and charged at the discounted simultaneous rate — 30% of the loan-policy schedule. Co-ops carry no title insurance. These are filed, mandatory rates, but the final bill may include search continuations, endorsements, and municipal searches; treat it as an estimate.

NYC Real Property Transfer Tax (RPTT) — seller. Residential (1–3 family, condo, co-op): 1.0% at or below $500,000; 1.425% above. Commercial / 4+ family: 1.425% at or below $500,000; 2.625% above. Inside the five boroughs only.

NYS Real Estate Transfer Tax — seller. 0.4% statewide. An additional 0.25% (0.65% combined) applies where residential consideration is $3M or more, or commercial consideration is $2M or more.

Mansion tax — buyer. 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 — buyer (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, 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 none.

Threshold Watch. Several New York taxes are "cliff" taxes — the higher rate hits the entire price the moment a threshold is crossed, not just the dollars above it. When a price sits just over a line ($500K RPTT, the $1M / $2M / $3M / $5M+ mansion tiers, the $3M state surcharge), the panel flags the exposure so the number can be weighed against pricing the deal a dollar under.

What this does not include. This estimate excludes property taxes and any school/village taxes, tax and insurance escrow reserves, prepaid interest, recording of adjustments, HOA or condo/co-op application and move-in fees, and per-diem closing adjustments. 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 on certain high-value second homes has been reported as advancing — but that is a recurring annual tax, not a closing cost, and is not included here.