Closing costs
From price to the cash you'll need.
Every line estimated for this purchase: who usually pays it, what moves in negotiation, and where the rate comes from.
Buyer's closing costs$108,5005.42% of the price
Cash needed at closing$608,500Deposit plus costs
Seller's side$108,000For context in negotiation
| Item | Estimate | Who pays | Negotiable | Notes and source |
|---|---|---|---|---|
| Taxes | ||||
| Mansion tax | $20,000 | Buyer | Rarely | 1.00% of the full price at $1 million and above · source |
| Mortgage recording tax | $12,000 | Buyer | Rarely | 0.80% of the loan, after the lender's 0.25%; co-op share loans are not taxed · source |
| Peconic Bay CPF and housing fund tax | $40,000 | Buyer | Rarely | 2.5% of the price above $400,000 · source |
| NYS transfer tax | $8,000 | Seller | Rarely | Paid by the seller · source |
| Lender | ||||
| Lender fees and points | $5,200 | Buyer | Often | Origination, underwriting and appraisal; compare offers line by line |
| Bank attorney | $1,250 | Buyer | Rarely | The lender's own counsel |
| Title & legal | ||||
| Owner's title insurance | $8,400 | Buyer | Often | Rates are filed with the state, but endorsements and the title company's fees vary |
| Lender's title policy | $2,400 | Buyer | Rarely | Issued at the same time as the owner's policy |
| Recording and filing fees | $750 | Buyer | Rarely | Deed, mortgage and transfer forms |
| Buyer's attorney | $5,000 | Buyer | Often | Flat fee is common; ask for it in writing |
| Prepaids | ||||
| Tax and insurance escrow | $4,000 | Buyer | Rarely | Three months of taxes held by the lender |
| Homeowner's insurance, first year | $9,500 | Buyer | Often | Shop it; coastal policies vary widely |
| Seller's side | ||||
| Brokerage commission | $100,000 | Seller | Often | Negotiable; customary amounts are not set by law |
Estimates for illustration, rates checked 2026-10-14. Title premiums, lender fees and building fees vary; your attorney confirms the final statement. Information, not legal or tax advice.