NYC buyer closing cost calculator.

A New York City buyer usually pays the mortgage recording tax if financing, title insurance and title charges, attorney fees, and the mansion tax on purchases of $1 million or more. Buyers of new development units often also pay the sponsor's transfer taxes by contract.

The borrower's share is 1.8% of the loan on amounts under $500,000 and 1.925% at $500,000 or more, for one to three family homes and condos. The lender contributes a further 0.25% on residential properties of one to six units.

No. Buying a co-op means buying shares in a corporation rather than real property, so a co-op share loan is not a recorded mortgage and no mortgage recording tax applies. The mansion tax still applies to purchases of $1 million or more.

It starts at 1% on purchases of $1 million or more and rises in bands to 3.9% at $25 million and above. The rate applies to the entire price, not just the amount above the threshold, and the buyer pays it. Outside the city the mansion tax is a flat 1%. Our guide to the NYC mansion tax has the full bracket table.

On a resale the seller pays them. In a new development the sponsor's contract usually requires the buyer to pay the city and state transfer taxes, and the city tax the buyer pays is then treated as part of the price for the state transfer tax and the mansion tax.

The NYC Real Property Transfer Tax does not apply, the state transfer tax stays at 0.4%, and the mansion tax is a flat 1% rather than the city's bands. A few municipalities add their own transfer tax, and in the five East End towns of Long Island the buyer pays the Peconic Bay Community Preservation Fund tax of 2% to 2.5%.