NYC Buyer's Guide · 2026
How Much Are Closing Costs in NYC? A Simple Guide for Buyers
What you'll pay at closing on a co-op, condo or townhouse in New York City, with real examples.
The quick answer
- Taxes are the biggest cost. If your home costs $1 million or more, you'll pay a mansion tax of 1% to 3.9% of the price.
- Condos and townhouses cost more to close than co-ops. If you take out a mortgage, you'll pay a 1.8% to 1.925% mortgage recording tax. Co-op buyers don't.
- Budget a few thousand dollars more for fees for your attorney, the bank and the building.
Step 1
Know what you're buying: co-op, condo or townhouse
Your closing costs depend mostly on the type of home. A co-op means you buy shares in the company that owns the building. A condo or townhouse means you own the property itself, with a deed. About 75% of NYC apartments are co-ops and about 25% are condos.
Co-op
- Time to close
- 3–4 months after contract
- You'll pay
- Mansion tax ($1M+), board package fees, attorney and bank fees
- You'll skip
- Mortgage recording tax and title insurance
- Good to know
- Strict board approval with an interview
Condo
- Time to close
- 1–2 months after contract
- You'll pay
- Mansion tax ($1M+), mortgage recording tax, title insurance, fees
- New construction?
- You usually pay the transfer taxes too
- Good to know
- Easier approval, no interview
Townhouse
- Approval
- No board approval needed
- You'll pay
- Mansion tax ($1M+), mortgage recording tax, title insurance (~0.45%), searches
- Good to know
- Same taxes as a condo, no building fees
Step 2
The 3 big NYC closing taxes
Fees add up to thousands of dollars, but these taxes can add up to tens of thousands. Here's what each one is and when it applies to you.
Mansion tax
A New York State tax on any home that costs $1 million or more. It applies to co-ops, condos and townhouses, and the rate goes up as the price goes up.
Who pays: the buyer, but it can be negotiated depending on your offer structureMortgage recording tax
A tax on your mortgage when you buy a condo or townhouse. It's 1.8% on loans under $500,000 and 1.925% on loans of $500,000 or more. Co-op loans don't pay it.
Who pays: the buyer (condos and townhouses)Transfer taxes
NYC charges 1% up to $500,000 and 1.425% above that. New York State charges 0.4%, or 0.65% on homes of $3 million or more. On a resale, the seller usually pays these.
Who pays: the seller, except on new development, where the buyer usually paysNYC mansion tax: find your price
Find your purchase price below. The rate applies to the entire price, not just the part over the line, so a home just under a threshold can save you thousands.
If your home costs | Mansion tax rate | Example tax |
|---|---|---|
Under $1,000,000 | None | $0 |
$1M to $1,999,999 | 1.00% | $10,000 at $1M |
$2M to $2,999,999 | 1.25% | $25,000 at $2M |
$3M to $4,999,999 | 1.50% | $45,000 at $3M |
$5M to $9,999,999 | 2.25% | $112,500 at $5M |
$10M to $14,999,999 | 3.25% | $325,000 at $10M |
$15M to $19,999,999 | 3.50% | $525,000 at $15M |
$20M to $24,999,999 | 3.75% | $750,000 at $20M |
$25M and above | 3.90% | $975,000 at $25M |
Example: a $999,999 home pays no mansion tax. A $1,000,000 home pays $10,000.
Step 3
See it in real numbers
Here's what the taxes alone would look like on three common NYC purchases. Fees for your attorney, the bank and the building come on top.
$2M co-op
$2M condo
$3.5M new condo
Same $2 million price, but the co-op buyer saves $30,800 in taxes compared with the condo buyer.
Step 4
NYC closing cost estimator
Tap your property type, then find your purchase price to see your estimated closing costs with 20% down or all cash. Below the estimates, you’ll find every fee to budget for.
Co-op closing cost estimatesFind your price to see your estimated closing costs
Purchase price | With 20% down | All cash |
|---|---|---|
$750K | $6,500 – $10,600No taxes | $4,400 – $6,400No taxes |
$1M | $16,500 – $20,600$10,000 in taxes | $14,400 – $16,400$10,000 in taxes |
$1.5M | $21,500 – $25,600$15,000 in taxes | $19,400 – $21,400$15,000 in taxes |
$2M | $31,500 – $35,600$25,000 in taxes | $29,400 – $31,400$25,000 in taxes |
$3M | $51,500 – $55,600$45,000 in taxes | $49,400 – $51,400$45,000 in taxes |
$4M | $66,500 – $70,600$60,000 in taxes | $64,400 – $66,400$60,000 in taxes |
$5M | $119,000 – $123,100$112,500 in taxes | $116,900 – $118,800$112,500 in taxes |
$7.5M | $175,300 – $179,300$168,750 in taxes | $173,200 – $175,100$168,750 in taxes |
$10M | $331,500 – $335,600$325,000 in taxes | $329,400 – $331,400$325,000 in taxes |
$15M | $531,500 – $535,600$525,000 in taxes | $529,400 – $531,400$525,000 in taxes |
$20M | $756,500 – $760,600$750,000 in taxes | $754,400 – $756,400$750,000 in taxes |
$25M | $981,500 – $985,600$975,000 in taxes | $979,400 – $981,400$975,000 in taxes |
Condo resale closing cost estimatesFind your price to see your estimated closing costs
Purchase price | With 20% down | All cash |
|---|---|---|
$750K | $20,600 – $27,000$11,550 in taxes | $7,400 – $11,900No taxes |
$1M | $35,600 – $42,000$25,400 in taxes | $18,600 – $23,000$10,000 in taxes |
$1.5M | $50,500 – $57,000$38,100 in taxes | $25,800 – $30,200$15,000 in taxes |
$2M | $70,400 – $76,900$55,800 in taxes | $38,000 – $42,500$25,000 in taxes |
$3M | $110,400 – $116,800$91,200 in taxes | $62,600 – $67,000$45,000 in taxes |
$4M | $145,200 – $151,700$121,600 in taxes | $82,000 – $86,500$60,000 in taxes |
$5M | $217,600 – $224,100$189,500 in taxes | $139,000 – $143,500$112,500 in taxes |
$7.5M | $323,600 – $330,100$284,250 in taxes | $206,600 – $211,000$168,750 in taxes |
$10M | $529,600 – $536,100$479,000 in taxes | $374,000 – $378,500$325,000 in taxes |
$15M | $829,200 – $835,600$756,000 in taxes | $596,600 – $601,000$525,000 in taxes |
$20M | $1,153,600 – $1,160,100$1,058,000 in taxes | $844,000 – $848,500$750,000 in taxes |
$25M | $1,478,200 – $1,484,600$1,360,000 in taxes | $1,091,600 – $1,096,000$975,000 in taxes |
New development condo closing cost estimatesFind your price to see your estimated closing costs
Purchase price | With 20% down | All cash |
|---|---|---|
$750K | $34,300 – $40,700$25,238 in taxes | $21,100 – $25,600$13,688 in taxes |
$1M | $53,800 – $60,200$43,650 in taxes | $36,800 – $41,200$28,250 in taxes |
$1.5M | $77,900 – $84,300$65,475 in taxes | $53,200 – $57,600$42,375 in taxes |
$2M | $107,000 – $113,400$92,300 in taxes | $74,600 – $79,000$61,500 in taxes |
$3M | $172,600 – $179,000$153,450 in taxes | $124,800 – $129,200$107,250 in taxes |
$4M | $228,200 – $234,700$204,600 in taxes | $165,000 – $169,500$143,000 in taxes |
$5M | $321,400 – $327,800$293,250 in taxes | $242,800 – $247,200$216,250 in taxes |
$7.5M | $479,300 – $485,700$439,875 in taxes | $362,200 – $366,600$324,375 in taxes |
$10M | $737,200 – $743,600$686,500 in taxes | $581,600 – $586,000$532,500 in taxes |
$15M | $1,140,400 – $1,146,800$1,067,250 in taxes | $907,800 – $912,200$836,250 in taxes |
$20M | $1,568,600 – $1,575,100$1,473,000 in taxes | $1,259,000 – $1,263,500$1,165,000 in taxes |
$25M | $1,996,900 – $2,003,400$1,878,750 in taxes | $1,610,300 – $1,614,800$1,493,750 in taxes |
Townhouse closing cost estimatesFind your price to see your estimated closing costs
Purchase price | With 20% down | All cash |
|---|---|---|
$750K | $20,300 – $24,800$11,550 in taxes | $7,200 – $9,700No taxes |
$1M | $35,300 – $39,800$25,400 in taxes | $18,300 – $20,800$10,000 in taxes |
$1.5M | $50,200 – $54,800$38,100 in taxes | $25,500 – $28,100$15,000 in taxes |
$2M | $70,200 – $74,700$55,800 in taxes | $37,800 – $40,300$25,000 in taxes |
$3M | $110,100 – $114,600$91,200 in taxes | $62,300 – $64,800$45,000 in taxes |
$4M | $145,000 – $149,500$121,600 in taxes | $81,800 – $84,300$60,000 in taxes |
$5M | $217,400 – $221,900$189,500 in taxes | $138,800 – $141,300$112,500 in taxes |
$7.5M | $323,400 – $327,900$284,250 in taxes | $206,300 – $208,800$168,750 in taxes |
$10M | $529,400 – $533,900$479,000 in taxes | $373,800 – $376,300$325,000 in taxes |
$15M | $828,900 – $833,400$756,000 in taxes | $596,300 – $598,800$525,000 in taxes |
$20M | $1,153,400 – $1,157,900$1,058,000 in taxes | $843,800 – $846,300$750,000 in taxes |
$25M | $1,477,900 – $1,482,400$1,360,000 in taxes | $1,091,300 – $1,093,800$975,000 in taxes |
Estimates assume 1 buyer, no lender points and a loan of 80% of the price where shown. They include taxes plus attorney, title, bank and building fees. Not included: maintenance, common charge and tax prorations, lender tax escrow, refundable move-in deposits ($500–$1,500) and building-specific charges. The mansion tax is the buyer’s responsibility, but who ultimately covers it can be negotiated depending on how your offer is structured. These are estimates only, not legal, tax or financial advice.
Full fee list by property type
Co-op closing costs16 items for the buyer
- Your attorney~$3,000+
- Lien search~$400
- Points0%–3% of loan
- Bank application, credit check, etc.$400–$600
- Bank attorney$900–$1,500
- Mortgage origination0%–3% of loan
- UCC-1 filing$125
- Appraisal$500–$1,500
- Board package fees$500–$2,000
- Credit check fee$100–$300 per buyer
- Move-in fee$250–$500
- Move-in deposit (refundable)$500–$1,000
- Recognition agreement fee$200–$500
- Maintenance adjustmentProrated
- Transfer tax filing fee$150
- Mansion tax ($1M+)1%–3.9% of price
Condo closing costs16 items for the buyer, plus 2 on new development
- Your attorney~$3,000–$5,000+
- Points0%–3% of loan
- Bank application, credit check, etc.$400–$600
- Bank attorney$900–$1,500
- Appraisal$300–$1,500
- Tax escrow~2–6 months of taxes
- Mortgage origination~0%–3% of loan
- Title insurance~0.45% of price
- Board package processing fees$500–$2,000
- Move-in fee$250–$1,000
- Move-in deposit (refundable)$500–$1,500
- Condo credit check$300–$500 per buyer
- Common charges adjustmentProrated
- Mortgage recording tax (loan under $500K)1.8% of loan
- Mortgage recording tax (loan $500K+)1.925% of loan
- Mansion tax ($1M+)1%–3.9% of price
- New development: NYC transfer tax1%–1.425%
- New development: NYS transfer tax0.4%–0.65%
Townhouse closing costsGovernment and title costs, plus your attorney and bank fees
- Recording fees~$250
- Title insurance~0.45% of price
- Lender's title policyRates vary
- Municipal searches$350–$500
- Residential deed transfer filing$75
- Fee closer$100–$500
- Real estate tax adjustmentProrated
- Mortgage recording tax (if financing)1.8%–1.925% of loan
- Mansion tax ($1M+)1%–3.9% of price
How long does closing take in NYC?
Timing matters for your rate lock, your lease and your moving plans. Here's how long it typically takes from signed contract to keys.
Co-ops take longer because the board reviews a full financial package and interviews you before approving the sale.
3 ways to lower your NYC closing costs
- Watch the price thresholds.Mansion tax rates step up at $1M, $2M, $3M, $5M, $10M, $15M, $20M and $25M. Negotiating just below a line can save thousands.
- Compare lenders.Points and origination fees can each run 0% to 3% of your loan, so shopping your mortgage makes a real difference.
- Consider a co-op.Co-op buyers skip the mortgage recording tax and title insurance, which can mean tens of thousands in savings at the same price.
NYC closing costs: frequently asked questions
How much are closing costs for buyers in NYC?
It depends on the price, the property type and whether you finance. The biggest costs are taxes: a mansion tax of 1% to 3.9% on homes of $1 million or more, and for condos and townhouses, a mortgage recording tax of 1.8% to 1.925% of the loan. Attorney, bank and building fees usually add several thousand dollars more.
What is the NYC mansion tax and who pays it?
The mansion tax is a New York State tax paid by the buyer on homes in New York City that cost $1 million or more. Rates range from 1% for homes from $1 million to $1,999,999 up to 3.9% for homes of $25 million or more, and the rate applies to the full purchase price. The buyer is responsible for it, but who ultimately covers the cost can be negotiated depending on how the offer is structured, such as through the price or a seller credit.
Do co-op buyers pay the mortgage recording tax in NYC?
No. A co-op loan is backed by shares in the building's corporation, not by real property, so there's no mortgage recording tax. Condo and townhouse buyers pay 1.8% on loans under $500,000 and 1.925% on loans of $500,000 or more.
Who pays transfer tax when buying in NYC?
On most resales, the seller pays the NYC and New York State transfer taxes. On new development, the buyer usually pays them: 1% to 1.425% for NYC, plus 0.4% for New York State, or 0.65% on homes of $3 million or more.
How long does it take to close on a co-op vs. a condo in NYC?
Condos usually close 1 to 2 months after the contract is signed. Co-ops usually take 3 to 4 months because the board reviews your finances and interviews you before approving the sale.
Do I need title insurance for a co-op in NYC?
No. Co-op buyers get a lien search, around $400, instead of title insurance. Condo and townhouse buyers need title insurance, which runs about 0.45% of the purchase price.
How can I lower my closing costs when buying in NYC?
Watch the mansion tax thresholds, compare lenders on points and origination fees, and consider co-ops, which skip the mortgage recording tax and title insurance. Every purchase is different, so reach out for a private consultation and a custom closing cost estimate for the home you're considering.
Ready to buy a co-op, condo or townhouse in New York City? Contact Darrell Williams for a private consultation and a custom closing cost estimate, or view his Compass profile and listings.
Source: Darrell Williams, Compass NYC Buyer's Guide. Tax rates reflect New York City and New York State rates as of October 2026. All figures are estimates that vary by building, lender, loan program and transaction, and are not legal, tax or financial advice. Consult your attorney, lender and tax advisor for exact costs.
