Who pays what in New York
New York sellers pay state transfer tax; buyers pay title insurance, mansion tax (1% at $1M+), and mortgage recording tax (~1.8% of loan in NYC, ~1.05–1.3% elsewhere) — co-op purchases skip the mortgage tax.
Closing costs by county in New York
Rates and medians vary widely inside New York. County-level breakdowns: Kings County (Brooklyn) — 0.85% effective property tax, median $950,000; Queens County (Queens) — 0.88% effective property tax, median $760,000; Westchester County (White Plains) — 1.85% effective property tax, median $800,000.
The mansion tax kicks in at $1M
Buy at $999,000 and pay nothing; buy at $1,000,000 and owe $10,000 (1% of the full price, not the excess). The mortgage recording tax is the bigger silent cost: on a $400K loan in NYC it's roughly $7,200 minus a small credit. Attorney fees (~$1,500–$3,000) are also standard in NY — budget for one.
Negotiation levers in New York
Three moves that actually work: (1) get Loan Estimates from 3 lenders — origination and points vary by thousands; (2) ask for seller concessions (3% conventional under 10% down, 6% above, 6% FHA) credited at closing; (3) close at month-end to shrink prepaid interest from ~30 days to ~2. In New York, transfer-tax custom is negotiable too — everything is a contract term.
FAQ
How much are closing costs in New York?
Budget 2–4% of the purchase price for buyer closing costs in New York, plus your down payment. On the $450,000 median New York home that's roughly $11,250–$18,000. NY state transfer tax (0.4%) is seller-paid; buyers pay the 1% mansion tax at $1M+ and ~1.8% mortgage recording tax outside NYC co-ops.
Does the buyer pay transfer tax in New York?
No — New York transfer taxes are seller-customary (or don't exist). NY state transfer tax (0.4%) is seller-paid; buyers pay the 1% mansion tax at $1M+ and ~1.8% mortgage recording tax outside NYC co-ops.
Can I roll closing costs into the loan in New York?
Not directly, but you can trade a slightly higher rate for a lender credit that covers costs, or negotiate seller concessions. The break-even on a lender credit is typically 3–5 years — only worth it if you'll sell or refinance before then.
How much should I save to buy a house in New York?
Down payment + closing costs + 2–3 months of reserves. On the New York median $450,000 home with 10% down, that's roughly $58,500 before reserves — the calculator above gives your exact stack.
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