NYC closing cost calculator
Estimate New York City closing costs for buyer and seller. The seller's net subtracts the mortgage payoff, the commission, the New York State transfer tax ($2 per $500) and the NYC Real Property Transfer Tax (1% or 1.425% on homes). The buyer's side adds the 1% mansion tax on homes of $1 million or more and the title insurance premiums from the TIRSA rate manual.
| Seller | Amount |
|---|---|
| Sale price | $400,000.00 |
| Mortgage payoff | −$200,000.00 |
| Real estate commission (5%) | −$20,000.00 |
| New York State transfer tax ($2 per $500) | −$1,600.00 |
| NYC Real Property Transfer Tax (1%) | −$4,000.00 |
| Estimated net to seller | $174,400.00 |
| Buyer: taxes and title premiums | Amount |
|---|---|
| Owner's title insurance policyFrom the official rate schedule | $1,977.00 |
| Lender's title insurance policyIssued with the owner's policy | $415.00 |
| Buyer subtotal | $2,392.00 |
Recording fees here are set per document by the recording office; enter them from its fee schedule. Estimate only. Not included: prorated property taxes and HOA dues unless entered, lender fees, settlement or escrow fees, endorsements, survey and attorney fees. Your closing disclosure or settlement statement is the final word.
Before you list or close: check the owner of record, open mortgages and liens that must be paid off at closing.SearchWorked examples
Computed with the same rules as the calculator. Seller costs include the commission, the seller's transfer taxes, the owner's title policy when the seller pays it and recording fees; buyer taxes and title are the buyer's transfer taxes and title premiums.
| Example | Seller costs | Net to seller | Buyer taxes and title |
|---|---|---|---|
| NYC: $750,000 condo, $400,000 payoff, 5% | $51,187.50 | $298,812.50 | $4,032.00 |
| NYC: $1,200,000 home, $500,000 payoff, 5% | $81,900.00 | $618,100.00 | $17,955.00 |
| Erie County: $300,000 home, $150,000 payoff, 5% | $16,200.00 | $133,800.00 | $1,745.00 |
| Westchester: $1,000,000 home, $400,000 payoff, 5% | $54,000.00 | $546,000.00 | $15,165.00 |
NYC mansion tax calculator
The mansion tax is 1% of the whole price once a home reaches $1 million, so it starts with a jump of $10,000. The calculator above adds it to the buyer's side; here it is at a few prices:
| Home price | Mansion tax (buyer) |
|---|---|
| $999,999.00 | $0.00 |
| $1,000,000.00 | $10,000.00 |
| $1,500,000.00 | $15,000.00 |
| $2,500,000.00 | $25,000.00 |
All New York and NYC transfer tax rules, including the high-value additional taxes: transfer tax calculator.
Questions
How is the NYC mansion tax calculated?
It is 1% of the full price of a home (1 to 3 family house, condo or co-op) bought for $1 million or more, paid by the buyer. At $999,999 there is none; at $1,000,000 it is $10,000; at $1,500,000 it is $15,000. The same 1% applies anywhere in New York State.
What transfer taxes does a NYC seller pay?
The New York State transfer tax of $2 per $500 and the NYC Real Property Transfer Tax: 1% on a home of $500,000 or less and 1.425% above that (1.425% or 2.625% on other property). On a $1,200,000 home that is $4,800 plus $17,100.
What does the calculator not include for New York City?
Mortgage recording tax, the State supplemental tax on NYC homes of $2 million or more (0.25% to 2.9%, flagged when it applies), attorney fees and recording fees unless you enter them.
How much is title insurance in NYC?
New York City is in TIRSA Zone 2. An owner's policy is $1,977 on $400,000 and $2,391 on $500,000; a loan policy issued with it is 30% of the loan rate up to the owner's amount.
Does it work outside New York City?
Yes. Choose New York State outside NYC and the county: the State transfer tax and mansion tax apply, and the title premium uses the county's TIRSA zone (Erie, Monroe and Onondaga are Zone 1).
Title premiums alone: New York title insurance calculator.
More free calculators: Title insurance calculator, Seller net sheet, Transfer tax calculator, Flood zone lookup.
Legal references
- TIRSA Rate Manual for New York State, Seventh Revision, Part I Sections 1, 3 and 10, Part II Rates (effective October 1, 2024)
Rates checked 2026-10-19 against the published rate schedules. Estimate only, not legal, tax or insurance advice. HeritageDeed does not sell title insurance and does not refer anyone to a title company; the premium on your closing disclosure is the final word.
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