Cash needed to buy, with every closing cost
Enter a price to see your down payment, every closing cost and the total cash you'll need on closing day, in Manhattan or the Hamptons. Not sure of your price? See what you can afford.
Available now, no account neededWhere your closing costs go
- Taxes$52,070
- Title & legal$13,970
- Prepaids$12,500
- Lender$5,700
Every line, itemised, is below.
Every line, itemised
Who usually pays each cost, whether it's often negotiated, and where each rate comes from.
What these are: mansion tax, mortgage recording tax, RPTT, state transfer tax, Peconic Bay tax, title insurance, flip tax, working capital and escrow, in the glossary.
| Item | Estimate | Who pays | Negotiable | Notes and source |
|---|---|---|---|---|
| Taxes | ||||
| Mansion tax | $15,000 | You (buyer) | Rarely | 1.00% of the full price at $1 million and above · source |
| Mortgage recording tax | $9,570 | You (buyer) | Rarely | 0.80% of the loan, after the lender's 0.25%; co-op share loans are not taxed; the first $10,000 is free of the 0.30% additional tax on a one- or two-family house · source |
| Peconic Bay CPF and housing fund tax | $27,500 | You (buyer) | Rarely | 2.5% of the price above $400,000 (East Hampton, Southampton and Shelter Island rules) · source |
| NYS transfer tax | $6,000 | Seller | Rarely | Paid by the seller · source |
| Lender | ||||
| Lender fees and points | $4,450 | You (buyer) | Often | Origination, underwriting and appraisal; compare offers line by line |
| Bank attorney | $1,250 | You (buyer) | Rarely | The lender's own counsel |
| Title & legal | ||||
| Owner's title insurance | $6,300 | You (buyer) | Often | Rates are filed with the state, but endorsements and the title company's fees vary |
| Lender's title policy | $1,920 | You (buyer) | Rarely | Issued at the same time as the owner's policy |
| Recording and filing fees | $750 | You (buyer) | Rarely | Deed, mortgage and transfer forms |
| Buyer's attorney | $5,000 | You (buyer) | Often | Flat fee is common; ask for it in writing |
| Prepaids | ||||
| Tax and insurance escrow | $3,000 | You (buyer) | Rarely | Three months of taxes held by the lender |
| Homeowner's insurance, first year | $9,500 | You (buyer) | Often | Shop it; coastal policies vary widely |
| Seller's side | ||||
| Brokerage commission | $75,000 | Seller | Often | Negotiable; customary amounts are not set by law |
How a purchase CEMA works
In a purchase CEMA (consolidation, extension and modification agreement), the seller's lender assigns its existing mortgage to your lender, which consolidates it with your new loan. You pay mortgage recording tax only on the new money.
What the law says
- A supplemental mortgage, recorded after a mortgage on which the tax was paid, is taxed only on any new or further debt it secures (Tax Law §255(1)(a)). A sworn statement of the facts behind the exemption is filed when it's recorded (§255(2)). NY Tax Law §255
- The state's mortgage recording tax rules count a modification that substitutes a new borrower, or a new lender after an assignment, as a supplemental mortgage. A Tax Department advisory opinion found purchasers' assumption and extension and modification agreements not taxable where they created no new debt; opinions are limited to their facts. TSB-A-01(4)R (2001)
How it works in practice
- It needs both lenders: the seller's lender has to agree to assign the mortgage and your lender has to agree to take it. Either can say no, so ask early.
- Both lenders' and attorneys' fees apply. We don't estimate them: ask your lender and attorney for a quote and compare it with the saving above.
- New development: the seller is the sponsor, so ask the sponsor whether any of its loan can be assigned for your unit.
- Co-ops: share loans pay no mortgage recording tax, so a CEMA saves nothing. This calculator applies it to Manhattan purchases only.
Estimates, with tax rates checked 2026-10-14. Title premiums, lender fees and building fees vary; your attorney confirms the final figures. Information, not legal or tax advice. Read the guide to closing costs.