New York buyer closing costs and cash to close
A New York buyer pays about $13,329 in closing costs on a $580,000 home with 20% down. That is 2.3% of the price. Prepaids add about $7,661. Cash to close is about $141,788.
See the lender fees, title, mortgage taxes, prepaids and down payment on a typical home loan.
Free New York buyer cash to close calculator
Change any number and the local costs update.
| Deed recording fee | $250 |
| Mortgage recording fee | $300 |
| Reimburse seller for prepaid taxes | $4,798 |
| Down payment (20%) | $116,000 |
| Title insurance and settlement | $6,429 |
| Lender fees | $6,350 |
| Prepaids and escrow reserves | $7,661 |
| Estimated cash to close | $141,788 |
- Closing costs on $580,000
- About $13,329
- Owner's title policy
- Buyer pays
- Cash to close, 20% down
- About $141,788
How much are buyer closing costs in New York?
About $13,329 on a $580,000 home with a $464,000 loan. That is 2.3% of the price. Prepaids add about $7,661. $580,000 is close to the typical New York home value (the Census median, weighted by county).
| Line | Buyer |
|---|---|
| Down payment (20%) | $116,000 |
| Owner's title insurance policy | $2,835.95 |
| Lender's title insurance policy | $592.76 |
| Lender-required endorsements | $150 |
| Settlement / closing fee | $250 |
| Buyer's attorney fee | $2,000 |
| Survey | $600 |
| Deed recording fee | $250 |
| Mortgage recording fee | $300 |
| Loan origination (1%) | $4,640 |
| Appraisal | $550 |
| Credit report | $60 |
| Underwriting / processing | $995 |
| Flood certification | $25 |
| Tax service fee | $80 |
| Closing costs | $13,328.71 |
| Prepaid interest | $2,561.53 |
| Homeowner's insurance (12 months) | $2,320 |
| Insurance escrow reserve (2 mo) | $386.67 |
| Property tax escrow reserve (3 mo) | $2,392.50 |
| Prepaids and escrow reserves | $7,660.70 |
| Reimburse seller for prepaid taxes | $4,798.11 |
| Estimated cash to close | $141,787.52 |
Run it with your own numbers. Pick the county, loan type, rate and closing date.
Does New York tax the buyer's mortgage?
Yes. New York taxes the new mortgage: NYC mortgage recording tax (borrower share) at 1.80% under $500,000; 1.925% at $500,000+ (borrower share); Mortgage recording tax (Westchester / Rockland) at 1.05% borrower (1.30% total); Mortgage recording tax (Yonkers) at 1.55% borrower (1.80% total); Mortgage recording tax (Nassau/Suffolk/Putnam/Orange/Dutchess) at 0.80% borrower (1.05% total); Mortgage recording tax (upstate, 1.25% counties) at 1.00% borrower (1.25% total); Mortgage recording tax (upstate, 1.25% counties, local tax instead of the additional tax) at 1.00% borrower (1.25% total); Mortgage recording tax (upstate, 1.00% counties) at 0.75% borrower (1.00% total); Mortgage recording tax (upstate, 1.00% counties, local tax instead of the additional tax) at 0.75% borrower (1.00% total); Mortgage recording tax (upstate, 0.75% counties) at 0.50% borrower (0.75% total). The rate depends on the county, so pick one in the calculator. Cash buyers do not pay it.
What does a buyer pay at closing in New York?
The buyer pays the lender fees and the lender's title policy. The buyer usually pays for the owner's title policy in New York. In New York, each title insurer files its own rates. So prices differ between title companies. The net sheet uses typical rates. The title company that runs the closing gives the final quote.
New York buyer closing cost questions
How much are buyer closing costs in New York?
About $13,329 on a $580,000 home with 20% down. That is 2.3% of the price. Prepaid insurance, interest and escrow add about $7,661. Cash to close is about $141,788. That counts the $116,000 down payment.
Does the buyer pay transfer tax in New York?
Yes. The buyer usually pays the NY State mansion tax (residential $1M+). See the New York seller net sheet page for the rates.
What mortgage taxes does a New York buyer pay?
New York charges the NYC mortgage recording tax (borrower share) (1.80% under $500,000; 1.925% at $500,000+ (borrower share)), the mortgage recording tax (Westchester / Rockland) (1.05% borrower (1.30% total)), the mortgage recording tax (Yonkers) (1.55% borrower (1.80% total)), the mortgage recording tax (Nassau/Suffolk/Putnam/Orange/Dutchess) (0.80% borrower (1.05% total)), the mortgage recording tax (upstate, 1.25% counties) (1.00% borrower (1.25% total)), the mortgage recording tax (upstate, 1.25% counties, local tax instead of the additional tax) (1.00% borrower (1.25% total)), the mortgage recording tax (upstate, 1.00% counties) (0.75% borrower (1.00% total)), the mortgage recording tax (upstate, 1.00% counties, local tax instead of the additional tax) (0.75% borrower (1.00% total)) and the mortgage recording tax (upstate, 0.75% counties) (0.50% borrower (0.75% total)). The rate depends on the county. The buyer pays it.
Who pays for the owner's title policy in New York?
The buyer usually pays for the owner's title policy in New York.
What is the difference between closing costs and cash to close?
Closing costs are the fees and taxes for the loan, title and recording. Cash to close is all the money you bring. It adds your down payment. It adds prepaids, like home insurance, interest and escrow. Then it takes off credits. Those include the seller's property tax credit and the earnest money you already paid.
Give your buyer a cash-to-close estimate.
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