NYC Closing Cost Calculator — Buyer and Seller, Mansion Tax, CEMA

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Estimate New York City closing costs for condos, co-ops and houses: mortgage recording tax, mansion tax, NYC and NYS transfer taxes, title insurance, sponsor sales and CEMA savings.

By Konstantin Iakovlev · Updated September 2026 · Source: NYC Department of Finance (RPTT, ACRIS); NY Tax Law §§253, 255, 1402; TIRSA Rate Manual

$
$
New development (sponsor sale)?
%

Buyer: taxes, title and filing fees

$18,886

Seller: transfer taxes

$16,425

Seller with broker commission

$61,425

Buyer pays

Mortgage recording tax$13,830.00
Mansion tax (1% at $1 million or more)$0.00
NYC supplemental mansion tax$0.00
Owner's title insurance (TIRSA)$3,903.10
Lender's title policy, issued with it$808.91
Deed and mortgage recording$219.00
RP-5217 filing fee$125.00
Total$18,886.01

Seller pays

NYC real property transfer tax$12,825.00
NYS transfer tax$3,600.00
Transfer taxes$16,425.00
Broker commission (5%)$45,000.00
Total$61,425.00

Not included: your attorney ($2,000-$5,000), lender fees, appraisal and the bank's attorney, plus municipal searches and title endorsements. Sellers also pay their attorney and a small payoff fee on their mortgage.

Taxes match the NYC Department of Finance ACRIS tax calculator; title premiums use the TIRSA rate manual for New York City (Zone 2). Transfer tax calculator for other states

Use the NYC Closing Cost Calculator — Buyer and Seller, Mansion Tax, CEMA above to calculate your results. Enter your values and see instant results — all calculations run in your browser.

Disclaimer: This calculator is for informational purposes only and does not constitute tax, financial, or legal advice. Results are estimates based on the information you provide and current rates. Always consult a qualified tax professional or financial advisor for advice specific to your situation.

How It Works

Closing costs in New York City are dominated by taxes. Buyers with a mortgage pay the mortgage recording tax: 1.8% of the loan under $500,000 and 1.925% at $500,000 or more for condos and one- to three-family houses, less $30 on one- and two-family homes and condos. Buyers of residential property at $1 million or more pay the 1% mansion tax, and at $2 million the state's supplemental tax starts, which takes the combined rate from 1.25% up to 3.9% at $25 million.

Sellers normally pay the transfer taxes: the city's real property transfer tax of 1% up to $500,000 and 1.425% above, and the state's 0.4% transfer tax, plus another 0.25% at $3 million or more. In a sponsor sale of a new development, the buyer usually pays the sponsor's transfer taxes, and the city tax is then figured on the price grossed up by those taxes. Co-op buyers pay no mortgage recording tax and buy no title insurance, because a co-op loan is secured by shares rather than a recorded mortgage.

A CEMA (consolidation, extension and modification agreement) lets the buyer's lender take over the seller's existing mortgage, so mortgage recording tax is paid only on the new money and the seller's state transfer tax drops by the assigned amount. The calculator adds title insurance at the TIRSA rates for New York City and the recording and filing fees; attorney, bank and building fees vary and are shown as ranges.

Example: $900,000 Condo With a $720,000 Mortgage

  1. 1 Buyer taxes: mortgage recording tax 1.925% × $720,000 − $30 = $13,830; no mansion tax below $1,000,000.
  2. 2 Buyer title and fees: owner's policy $3,903.10, lender's policy issued with it $808.91, recording $219 and the RP-5217 fee $125, for a total of $18,886.01.
  3. 3 Seller taxes: NYC transfer tax 1.425% × $900,000 = $12,825 and NYS transfer tax 0.4% = $3,600, a total of $16,425.
  4. 4 Result: before attorneys, bank fees and any broker commission, the buyer pays about $18,900 and the seller $16,425.

Source: NYC Department of Finance (RPTT, ACRIS); NY Tax Law §§253, 255, 1402; TIRSA Rate Manual · Last updated: September 2026

Frequently Asked Questions

How much are closing costs for a buyer in NYC?
For a condo with a mortgage, taxes and title usually run about 2% to 2.5% of the price below $1 million, mostly mortgage recording tax of 1.8% or 1.925% of the loan. From $1 million the 1% mansion tax is added, and attorney and bank fees come on top.
What is the NYC mansion tax?
A 1% state tax on residential purchases of $1 million or more, paid by the buyer. In New York City a supplemental tax starts at $2 million, bringing the combined rate to 1.25% and up to 3.9% at $25 million or more.
Who pays transfer taxes in NYC?
The seller pays the NYC real property transfer tax (1% or 1.425% on residential sales) and the NYS transfer tax (0.4%, plus 0.25% at $3 million or more). In sponsor sales of new developments the buyer usually pays them by contract.
How much does a CEMA save?
The buyer pays mortgage recording tax only on the new money above the seller's assigned mortgage, and the seller's state transfer tax drops by the assigned amount. On a $1.2 million loan taking over an $800,000 mortgage, the recording tax falls from about $23,070 to about $7,700, before CEMA fees of roughly $2,000 to $3,000.

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