(Industry standard is often between $5.50 – $7.00. Leave blank for estimate.)
Estimated Closing Costs:
$0.00
Understanding NYC Closing Costs
Closing costs are the various fees and expenses a buyer (and sometimes seller) incurs to finalize a real estate transaction. In New York City, these costs can be substantial and vary based on the property type, purchase price, and financing involved. This calculator provides an estimated range for typical buyer closing costs, excluding seller concessions and transfer taxes which are often borne by the seller.
Key Components of NYC Buyer Closing Costs:
Mortgage Recording Tax: This is a significant tax levied by New York State and New York City on mortgages. The rates vary based on the loan amount and property type (residential vs. commercial). For residential properties, rates are typically 0.925% up to $500,000 and 1.925% for amounts over $500,000. There's also an additional "Mansion Tax" of 1% for residential properties over $1 million purchased by individuals (though this is often included in seller costs if financed).
Title Insurance: Protects the lender and the buyer against future claims on the property's title. The cost is based on the purchase price and is often expressed per $1,000 of value.
Bank Attorney Fees: Fees paid to the lender's attorney for their services in the mortgage process.
Title Company Fees: Fees charged by the title company for their work, including title examination and insurance underwriting.
Appraisal Fee: The cost to have the property professionally appraised to determine its market value for the lender.
Credit Report Fee: A fee from the lender for obtaining the buyer's credit report.
Survey Fee (if applicable): If a new survey is required to verify property lines. More common in co-ops and townhouses.
Sewer and Water Charge (prorated): If applicable, you might pay a portion of these bills.
Attorney Fees: Your own attorney's fees for reviewing contracts, title reports, and managing the closing.
Move-in Deposit/Working Capital (Co-ops): Some co-op buildings require a fee or deposit upon purchase.
Flip Tax (Co-ops/Condos): A fee paid to the building, usually a percentage of the sale price, typically paid by the seller but sometimes negotiated.
New York State, City, and Transfer Taxes: Primarily paid by the seller, but can sometimes be negotiated. This includes the Mansion Tax for properties over $1 million.
NYC Real Property Transfer Tax (RPTT): Typically paid by the seller.
NYS Transfer Tax: Typically paid by the seller.
Calculator Assumptions & Notes:
This calculator focuses on common BUYER closing costs for residential properties in NYC.
It estimates costs for Condos, Co-ops, and Townhouses (Fee Simple). Co-op costs can sometimes differ significantly due to building policies.
Mortgage Recording Tax rates are applied based on standard NYC residential rates.
Title insurance rates are estimated if not provided.
It does NOT include seller-paid costs, property taxes, homeowner's insurance, or HOA/Common Charges that are paid monthly/quarterly.
First-time homebuyer benefits might reduce certain taxes (e.g., a portion of the Mortgage Recording Tax for some loans), but are not fully detailed here.
This is an ESTIMATE. Actual costs will vary. Always consult with your real estate attorney and mortgage broker for precise figures.
How the Calculation Works (Simplified):
The calculator uses industry-standard percentages and fees, adjusted for NYC specifics:
Mortgage Recording Tax (MRT): Applied as a percentage of the mortgage amount. For residential properties: 0.925% on loans up to $500,000 and 1.925% on loans over $500,000.
Title Insurance: Calculated based on the purchase price. If a rate per $1,000 is provided, it's used; otherwise, a standard NYC rate (e.g., $5.50 per $1,000) is applied.
Bank Attorney Fees: Estimated as a flat fee or a percentage of the loan amount (e.g., $1,000 – $2,500).
Title Company Fees: A flat estimate (e.g., $750 – $1,500).
Survey Fee: Estimated flat fee (e.g., $750 – $1,500), more likely for townhouses.
Mansion Tax: Calculated if the purchase price exceeds $1,000,000. This is a 1% tax on the purchase price. While typically paid by the buyer in NYC, this calculator estimates it if the price warrants, but notes it's often a seller cost or negotiated.
Flip Tax/Move-in Deposits: Estimated as a placeholder percentage for Co-ops/Condos (e.g., 1-2% for Co-ops, can be variable).
The total is the sum of these estimated components. Note that specific fees can fluctuate and depend heavily on the involved parties (attorneys, title companies, banks) and the specifics of the deal.
function calculateClosingCosts() {
var purchasePrice = parseFloat(document.getElementById("purchasePrice").value);
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var propertyType = document.getElementById("propertyType").value;
var isFirstTimeBuyer = document.getElementById("isFirstTimeBuyer").value;
var titleInsuranceRateInput = parseFloat(document.getElementById("titleInsuranceRate").value);
var closingCostResult = 0;
var details = [];
var estimatedMessage = "";
// — Input Validation —
if (isNaN(purchasePrice) || purchasePrice <= 0) {
alert("Please enter a valid Purchase Price.");
return;
}
if (isNaN(loanAmount) || loanAmount purchasePrice) {
alert("Loan amount cannot exceed the purchase price.");
return;
}
// — NYC Specific Calculations —
// 1. Mortgage Recording Tax (MRT)
var mortgageRecordingTax = 0;
var mrtRate = 0;
if (loanAmount > 0) {
if (loanAmount 1000000) {
// Note: This is typically paid by the buyer on purchase price
mansionTax = purchasePrice * 0.01; // 1%
details.push("Mansion Tax (1% on purchase price > $1M): $" + mansionTax.toFixed(2));
closingCostResult += mansionTax;
}
// 3. Title Insurance
var titleInsurance = 0;
var titleRatePerThousand = 5.50; // Default industry rate if not provided
if (!isNaN(titleInsuranceRateInput) && titleInsuranceRateInput > 0) {
titleRatePerThousand = titleInsuranceRateInput;
}
// Calculation: (Purchase Price / 1000) * Rate per Thousand
titleInsurance = (purchasePrice / 1000) * titleRatePerThousand;
// Add some buffer/minimums typically seen
if(titleInsurance 5000) titleInsurance = 5000; // Cap for estimation purposes
details.push("Title Insurance: $" + titleInsurance.toFixed(2) + " (Rate: $" + titleRatePerThousand.toFixed(2) + "/$1000)");
closingCostResult += titleInsurance;
// 4. Lender Fees (Appraisal, Credit Report, Bank Attorney)
var appraisalFee = 500; // Estimate
var creditReportFee = 75; // Estimate
var bankAttorneyFee = 1500; // Estimate
if (propertyType === 'coop') {
appraisalFee = 400; // Often lower for co-ops
bankAttorneyFee = 750; // Simpler process
}
if (loanAmount > 1000000) { // Higher fees for larger loans
bankAttorneyFee += 500;
}
details.push("Appraisal Fee: $" + appraisalFee.toFixed(2));
details.push("Credit Report Fee: $" + creditReportFee.toFixed(2));
details.push("Bank Attorney Fees: $" + bankAttorneyFee.toFixed(2));
closingCostResult += appraisalFee + creditReportFee + bankAttorneyFee;
// 5. Title Company Fees / Title Closer Fees
var titleCompanyFees = 750; // Estimate
if (propertyType === 'coop') {
titleCompanyFees = 500; // May be lower for co-ops if specific lender fees are separate
}
details.push("Title Company Fees: $" + titleCompanyFees.toFixed(2));
closingCostResult += titleCompanyFees;
// 6. Survey Fee
var surveyFee = 0;
if (propertyType === 'townhouse') {
surveyFee = 1000; // More common/needed for townhouses
details.push("Survey Fee: $" + surveyFee.toFixed(2));
closingCostResult += surveyFee;
}
// 7. Attorney Fees (Buyer's Attorney)
var buyersAttorneyFee = 2500; // Estimate range $2000-$4000 typically
if(purchasePrice 1500000) buyersAttorneyFee = 3500;
details.push("Buyer's Attorney Fees: $" + buyersAttorneyFee.toFixed(2));
closingCostResult += buyersAttorneyFee;
// 8. Co-op Specific Fees (if applicable)
var coopFees = 0;
if (propertyType === 'coop') {
var moveInDeposit = purchasePrice * 0.01; // Example: 1% of purchase price
var workingCapital = 500; // Example flat fee
coopFees = moveInDeposit + workingCapital;
details.push("Co-op Move-in Deposit/Fees: $" + coopFees.toFixed(2));
closingCostResult += coopFees;
}
// 9. NYC Specific Taxes (Beyond MRT & Mansion Tax) – often Seller Paid, but good to acknowledge
var otherTaxes = 0;
var rpttRate = 1.0; // Example: 1% for Seller if price > $500k
var nysRate = 0.4; // Example: 0.4% for Seller
if (purchasePrice >= 500000) { // Simplistic trigger for seller taxes
otherTaxes = (purchasePrice * (rpttRate/100)) + (purchasePrice * (nysRate/100));
// Add a note that these are typically seller costs
details.push("Estimated Seller Transfer Taxes (RPTT/NYS): ~$ " + otherTaxes.toFixed(2) + " (Typically paid by seller)");
}
// — Final Result Formatting —
var formattedResult = "$" + closingCostResult.toFixed(2);
document.getElementById("closingCostResult").textContent = formattedResult;
if (details.length > 0) {
estimatedMessage = "Includes: " + details.join('; ');
document.getElementById("closingCostEstimateMessage").textContent = estimatedMessage;
} else {
document.getElementById("closingCostEstimateMessage").textContent = "";
}
// Add a disclaimer for estimation
if (closingCostResult > 0) {
document.getElementById("closingCostEstimateMessage").innerHTML += "Disclaimer: This is an estimate. Actual costs vary. Consult your attorney.";
}
}