New York Closing Cost Calculator
Estimate New York closing costs for buyers and sellers. Transfer tax: 0.4%. Average total: 3.8% of price.
How This Calculator Works
Calculation methodology and assumptions
Closing costs in New York typically range from 3.3% to 4.3% of the purchase price. This calculator estimates individual line items including title insurance (0.5% of price), transfer taxes (0.4% in New York), recording fees, loan origination fees (1% of loan), appraisal, inspection, and escrow/prepaids. New York requires an attorney for real estate closings.
Frequently Asked Questions
How much are closing costs in New York?
Closing costs in New York average 3.8% of the purchase price. On a $420,000 home, that's approximately $15,960.
Does New York have transfer taxes?
Yes, New York has a transfer tax of 0.4% of the sale price. On a $420,000 sale, that's $1,680.
Do I need an attorney to close in New York?
Yes, New York is an "attorney state" — you are required to have an attorney present at closing.
Who pays closing costs in New York?
In New York, both buyers and sellers have closing costs. Buyers typically pay loan-related fees, appraisal, inspection, and their share of prepaids. Sellers usually pay real estate agent commissions and their share of transfer taxes. Some costs are negotiable between the parties.
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