Closing costs in New York
On a $500,000 home with 20% down, buyers in New York typically pay about $13,737 to $25,737 at closing, including prepaid taxes and insurance.
Typical buyer total2.7%–5.1%Of the price, 20% down
Closings handled byAn attorneyBuyers usually hire their own
Buyer-paid taxes1See below
Buyer-paid taxes
| Tax | On $500,000 with 20% down | Note |
|---|---|---|
| Mortgage recording tax | $2,970 | Most upstate counties: about 1% of the loan, of which the lender pays 0.25%. |
Estimated closing costs by price
| Price | Loan | Closing costs | Share of price |
|---|---|---|---|
| $300,000 | Conventional, 20% down | $10,170 – $19,510 | 3.4%–6.5% |
| $300,000 | FHA, 3.5% down | $10,816 – $20,644 | 3.6%–6.9% |
| $500,000 | Conventional, 20% down | $13,737 – $25,737 | 2.7%–5.1% |
| $500,000 | FHA, 3.5% down | $14,813 – $27,627 | 3.0%–5.5% |
| $750,000 | Conventional, 20% down | $18,195 – $33,520 | 2.4%–4.5% |
| $750,000 | FHA, 3.5% down | $19,809 – $36,356 | 2.6%–4.8% |
Who pays what in New York
New York State’s transfer tax is customarily paid by the seller.
Questions
How much are closing costs for buyers in New York?
Often about 2.7% to 5.1% of the price with 20% down, including prepaid taxes and insurance.
Do buyers pay transfer tax in New York?
Buyers typically pay: Mortgage recording tax.
More for New York
Sources: NY Department of Taxation and Finance (mortgage recording tax, real estate transfer tax). Fees are typical ranges, not quotes; your Loan Estimate lists the actual costs.