NYC closing cost calculator

Standard resale calculations treat purchase price as the entire taxable consideration. Combined mansion and supplemental rates: 1% from $1m, 1.25% from $2m, 1.5% from $3m, 2.25% from $5m, 3.25% from $10m, 3.5% from $15m, 3.75% from $20m and 3.9% from $25m. The rate applies to the whole amount.

Mortgage recording tax assumes the usual residential buyer share: 1.80% below a $500,000 loan and 1.925% at or above it, rounded in $100 debt units (exactly $50 rounds down, with a one-unit minimum). The lender’s special additional tax is excluded. For a 1–2 family house, the estimate assumes eligibility for the residential exclusion of up to $30. No condo exclusion or CEMA savings are assumed. Co-op share loans have no mortgage recording tax in this model.

Title is not a flat fee. We use TIRSA Zone 2 base rates: purchase-price owner coverage plus a simultaneous loan policy at 30% of the applicable loan rate, each policy rounded to whole dollars. Co-ops assume no title policy. Title extras are part of the other-fee allowance. Enhanced coverage, approved insurer deviations, special discounts or different policy arrangements need a current quote.

Starting fee allowances are $4,000 for the buyer’s attorney, $2,000 for lender fees when financed, and $2,500 for other nonrefundable transaction fees. These are adjustable planning amounts, not guaranteed charges or statistical averages. Points and seller/lender credits start at zero. Include any buyer-paid flip tax or exceptional charge in other fees. For sponsor purchases, CEMA, special tax terms or a complete quote, use the attorney’s closing-cost estimate; it replaces all automatically calculated costs.

BRN’s potential return is half the commission it actually receives, capped at 1.5% of the purchase price and subject to the buyer agreement. Seller-paid compensation is negotiable and transaction-specific; the initial 2.5% is an assumption. If BRN receives no commission, the estimated return is zero. You still do not pay BRN a brokerage fee.

The estimate excludes the down payment, initial tax and insurance payments, prepaid interest, escrow funding, prorations, refundable deposits and retained reserves. It includes transaction fees even if paid before closing. It is not a cash-to-close or wire estimate.

Seller and lender credits are subject to the contract and lender limits. Confirm the return’s delivery with BRN, your attorney and lender; it is not automatically available to fund deposits, closing costs or reserves. Your transaction team provides the final closing figures.