New York closing cost calculator

Provide the purchase price and how much you'll pay down. After that, the calculator shows every buyer and seller cost. Enter a rate to include commission.

The figures that follow break down what a buyer pays on a home bought for $525,000 with $105,000 down and a mortgage of $420,000. This figure shows the state mortgage recording tax, which uses the amount borrowed and doesn't include county or city add-ons.

Typical values for different home types fall between $245,211 and $1,022,491. Buyer closing costs with 20% down range from $7,540 to $25,091.

New York applies a 0.4% state transfer tax to the price, which the seller usually pays. A home sold for $400,000 has a transfer tax charge of $1,600. New York places 15th highest among the 36 taxing states, DC included, for this kind of tax (state tax department).

Customarily, the seller covers this base tax. Should the seller not pay it or qualify for an exemption, the buyer must pay it instead.

A separate 1% mansion tax applies to homes selling for $1 million or more. This extra charge is usually paid by the buyer on the full price; when the buyer will not pay it, the seller takes it on (New York tax agency). A sale to a qualifying nonprofit protecting parks, open space or historic sites avoids the mansion tax, but the regular transfer tax still applies.

A city transfer tax applies to homes in New York City on top of the state tax. The city rate is 1% up to $500,000 and 1.425% for sales above $500,000 (NYC Department of Finance).

Two more charges kick in at higher prices. Buyers must pay a supplemental tax when purchasing city properties valued at $2 million or more. The rate starts at 0.25% and rises to 2.9% once the price goes past $25,000,000, as the TP-584 instructions set out. An additional base tax of 0.25% above $3 million applies to sellers of city homes worth $3 million or more. Homes of $1 million or more also carry a 1% mansion tax, which the buyer pays in addition to the regular closing costs.

Every one of the five neighboring states we checked has lower costs than New York. Buyers pay $13,858 for the same $525,000 home here; next door, the amount ranges from $9,643 through $12,413.

• Closing costs for Pennsylvania buyers total $12,413, while the transfer tax comes to $5,250.
• Massachusetts buyer closing costs come to $9,973; the transfer tax is $2,394.
• Buyer closing costs in Connecticut are $9,753; the transfer tax is $3,938.
• Buyer closing costs in New Jersey are $9,658; the transfer tax is $4,415.
• Buyer closing costs in Vermont are $9,643; the transfer tax is $5,778.

New York buyers pay $11,035 at a purchase price of $400,000, $3,185 above the median state. Type your purchase price into the calculator and it shows the figure for your home.

Commission and the mortgage payoff sit outside the $2,100 in seller costs on a $525,000 sale. The state transfer tax makes up the whole amount. On a $400,000 sale, the seller's cost is $1,600, compared with $440 in the median state.

Commission is by far the largest cost for most sellers. The national average for buyer's agents is roughly 2.42% of the price (Redfin). Enter your rate in the calculator to find your final proceeds.

Sellers who live outside New York must calculate the gain from their sale and pay any estimated income tax. Unless an exemption applies, sellers use Form IT-2663; for co-ops, they use Form IT-2664 (New York State tax site).

An owner's title policy costs $2,205 for a home priced at $525,000. Buyers usually purchase it.

Each insurer files its own rates, and the state Department of Financial Services approves them. As a title insurance rating group, TIRSA recommends rates to its members, but each insurer may submit its own rates (Department of Financial Services). Put your purchase price into the calculator to see what the policy costs.

For city filings, ACRIS serves as the online property records system; the tax must be paid 30 days after the transfer happens, even if nothing is owed (NYC Department of Finance). Outside the city, the county clerk gets Form TP-584. Payment of the tax is due 15 days after delivery of the deed (New York tax department).

Under New York law, non-lawyers cannot be paid for preparing deeds and mortgages, though the law does not clearly require a lawyer to handle your closing (2009 Connecticut legislative report). Set aside money for property tax once the deal is done: a New York median bill is $6,582 a year, about 1.55% of the median home value (US Census).