Buyer Closing Costs

Estimating Closing Costs

Purchasing a property comes with additional costs beyond the purchase price. Our Buyer Closing Costs Calculator helps you estimate the total closing expenses—including taxes, attorney fees, and lender costs—so you can plan accordingly.

Property Details: Key Inputs

• Purchase Price: The agreed-upon sales price of the home.
• All Cash (Check Box): If selected, financing-related fees are excluded.
• New Development (Check Box): Additional costs like sponsor attorney fees and working capital contributions apply.
• Purchase CEMA (Check Box): Potential mortgage tax savings when assuming an existing loan.
• Down Payment (%): The percentage of the purchase price paid upfront.
• Equity: The portion of the purchase price paid in cash.
• Debt: The amount financed through a mortgage.
• Property Type: Condo, Co-op, or Single-Family Home, determining applicable fees.

Buyer Closing Costs: Defined

Attorney & Administrative Fees

• Buyer's Attorney Cost: Legal fees for contract review and closing.
• Board Application Fees: Charged by co-op and condo boards.
• Move-In Deposit: Refundable security deposit for move-in damages.
• Move-In Fee: Non-refundable administrative move-in cost.
• Credit Check Fee: Required for co-op and condo board applications.

Taxes & Title Fees

• NYS Mansion Tax: Progressive tax on properties $1M+, starting at 1%.
• Flip Tax Amount: Co-op-imposed fee, usually 1-3% of the purchase price.
• Owner's Title Insurance: Required for condos and single-family homes.
• Misc Title Fees: Covers title searches and administrative costs.
• Title Endorsements: Additional title protection.
• Deed Recording Fee: Applies to condos and townhouses.

Financing Fees (If Financing)

• Mortgage Recording Tax: 1.8% for mortgages under $500K, 1.925% for $500K+.
• Title Insurance: Required for financed condos and townhouses.
• Bank Attorney Fee: Paid to the lender’s attorney.
• Loan Application Fee: Charged by the lender.
• Appraisal Fee: Determines the home’s market value.
• Mortgage Recording Fee: Government fee for recording the mortgage.

How Closing Costs Vary by Property Type

Condos

• Subject to title insurance, mortgage recording tax, and deed recording fees.
• Board application fees and move-in deposits may apply.

Co-ops

• No mortgage recording tax or deed recording fees.
• Board approval, flip taxes, and move-in deposits are common.

Single-Family Homes/Townhouses

• No board approvals or flip taxes.
• Similar closing costs to condos.