In short
No official source gives a “typical” New York closing-cost percentage, so add the costs up line by line. The big fixed items are taxes. On a $640,000 loan for a house in New York City, the mortgage recording tax is $13,890, of which the buyer pays about $12,290 and the lender $1,600 (Tax Law §§ 253, 253-a). Sellers pay the 0.4% state transfer tax (Tax Law § 1402).
Why there is no single “typical” total
Government bodies fix some costs: transfer taxes, mortgage recording tax and the city’s recording fees. Title insurance rates are filed with the state. Lender charges, inspections and professional fees are set by private providers.
Your total therefore depends on the price, the loan and whether you buy in New York City. Federal law gives you two forms with the variable pieces: the Loan Estimate, which the lender must give you within three business days of your application, and the Closing Disclosure, which you must receive at least three business days before closing (Consumer Financial Protection Bureau). For a general walk-through of each line, see closing costs explained.
Line by line: what each cost is
Lender charges. Origination, appraisal, credit report and underwriting fees are set by the lender and the companies it hires. Compare them across lenders on the Loan Estimate.
Mortgage recording tax. New York taxes the recording of a mortgage. The state basic tax is 50 cents per $100 of debt. A special additional tax of 25 cents per $100 applies to most mortgages, and for property with six or fewer residential units the lender pays it. An additional tax of 30 cents per $100 applies inside the metropolitan commuter transportation district, and 25 cents outside it (Tax Law § 253); the first $10,000 of debt on a one- or two-family home is excluded from it. In cities of one million or more, § 253-a adds $1.00 per $100 for loans under $500,000, and $1.125 per $100 on one- to three-family houses and condominium units for loans of $500,000 or more. The NYC Department of Finance says the combined state and city tax depends on the loan amount.
Title insurance. Rates are subject to approval by the Department of Financial Services (DFS). A rate service organization proposes rates, and each insurer may also file its own. DFS says the buyer is generally responsible for paying both the owner’s and the lender’s policies. When both are issued at the same closing, the lender’s policy is charged 30% of the applicable mortgage loan rate. The owner’s policy covers up to the original sales price. Ask the title company for the premium filed for your price; this article does not quote one.
Recording fees (NYC). The city charges $32 plus $5 per page plus a $5 cover page for a deed or mortgage, so a two-page document costs $42. A mortgage tax affidavit costs $8 (NYC Department of Finance). Counties outside the city set their own fees.
Transfer taxes. See the next section and our transfer tax guide.
Attorney. The state sets no fee. See real estate attorneys in New York.
Prorations and escrow deposits. Property taxes and other carrying costs are adjusted at closing; reserve deposits for taxes and insurance fund your escrow account. See New York property tax.
Who pays what by law
| Cost | Who pays |
|---|---|
| State transfer tax, 0.4% | Seller, unless the contract says otherwise (Tax Law § 1404) |
| Mansion tax, 1% from $1M | Buyer (Tax Law § 1402-a) |
| NYC Real Property Transfer Tax | Not assigned by the city’s page; both sign the return, so the contract decides |
| Mortgage recording tax | Borrower, except the 0.25% special additional tax, which the lender pays on property with six or fewer units (Tax Law § 253) |
| Title policies | Buyer generally pays both (DFS) |
| Recording fees | Set by the city; the party filing pays |
Other items, such as lender fees, are for the purchase contract and the loan.
What it costs: a worked example in New York City
This is an example, not a quote. Assume a $800,000 house in New York City and a $640,000 loan (80%).
| Line | Rule used | Amount |
|---|---|---|
| State transfer tax (seller) | $800,000 ÷ 500 × $2 | $3,200 |
| NYC transfer tax (RPTT) | 1.425% of $800,000 (price above $500,000) | $11,400 |
| Mansion tax | Price under $1M | $0 |
| Mortgage tax, basic | 0.50% of $640,000 | $3,200 |
| Mortgage tax, special additional (lender) | 0.25% | $1,600 |
| Mortgage tax, additional | 0.30% of ($640,000 − $10,000 excluded for a one- or two-family home) | $1,890 |
| Mortgage tax, NYC additional | 1.125% of $640,000 | $7,200 |
| Mortgage tax total | $13,890 (buyer $12,290, lender $1,600) | |
| Title premiums, lender charges, attorney | Filed rates or set by providers | See your Loan Estimate and title quote |
Rounding rules for fractions of $100 can shift the result by a few dollars. This table applies the rates as written; confirm with the title company or in ACRIS (“Calculate Taxes / Fees”). The total transfer tax on the sale is $14,600; whether the RPTT falls on the seller or buyer depends on the contract.
Frequently asked questions
How much are closing costs in New York?
No official source gives a typical percentage. The fixed pieces are taxes and fees such as the mortgage recording tax and recording fees; the rest appears on your Loan Estimate and Closing Disclosure.
Who pays the mortgage recording tax in New York?
The borrower pays it, except the 0.25% special additional tax, which the lender pays on property with six or fewer residential units (Tax Law § 253).
Who pays for title insurance in New York?
DFS says the buyer is generally responsible for paying both the owner’s and the lender’s policies. Title insurance rates are subject to DFS approval.
How much does it cost to record a deed in New York City?
$32 plus $5 per page plus a $5 cover page, as of October 2026 (NYC Department of Finance). A two-page deed costs $42.
When will I know my exact costs?
The lender must send a Loan Estimate within three business days of your application. You must receive the Closing Disclosure at least three business days before closing (CFPB).
Compare with the other states: Closing costs by state.
More New York guides
- New York transfer tax: state, NYC and mansion tax
- Property tax in New York: rates, STAR and how to contest
- New York seller disclosure: the property condition statement
- Do you need a real estate attorney in New York?
- How foreclosure works in New York: a court process
- Home prices in New York and NYC: median value and trend
- New York first-time buyer programs: SONYMA and HomeFirst
- How to verify a real estate license in New York
- Tenant rights in New York: deposits, rent limits, good cause
Sources
- Tax Law § 253, Mortgage recording tax (New York State Senate) (consulted October 13, 2026)
- Tax Law § 253-a, Mortgage recording tax in cities of one million or more (New York State Senate) (consulted October 13, 2026)
- Mortgage Recording Tax (NYC Department of Finance) (consulted October 13, 2026)
- ACRIS Recording Fees (NYC Department of Finance) (consulted October 13, 2026)
- Real Property Transfer Tax (NYC Department of Finance) (consulted October 13, 2026)
- Tax Law §§ 1402, 1402-a, 1404 (New York State Senate) (consulted October 13, 2026)
- Form TP-584-NYC-I, Instructions, 8/25 (New York State Department of Taxation and Finance) (consulted October 13, 2026)
- Title Insurance (New York State Department of Financial Services) (consulted October 13, 2026)
- What is a Loan Estimate? (Consumer Financial Protection Bureau) (consulted October 13, 2026)
- What is a Closing Disclosure? (Consumer Financial Protection Bureau) (consulted October 13, 2026)