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 neededCash needed at closing$333,450Down payment $300,000 (20%) plus closing costs $33,450 (2.2% of the price)
Mortgage payment, a month$7,467Principal and interest on a $1,200,000 loan over 30 years at 6.35%. Taxes and charges are extra.
The seller's costs, for context$132,375Paid by the seller, not you; useful in negotiation. Selling? See your net proceeds
Saved by the CEMA, in mortgage recording tax$0Tax on $0 of new money instead of the whole $1,200,000 loan. This is the gross saving: both lenders' and attorneys' fees apply to a CEMA, so ask for a quote. How a purchase CEMA works
Where your closing costs go
- Taxes$15,000
- Title & legal$6,200
- Lender$5,950
- Prepaids$4,800
- Building$1,500
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 |
| NYC transfer tax (RPTT) | $21,375 | Seller | Rarely | Paid by the seller · 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 | $1,500 | You (buyer) | Rarely | The lender's own counsel |
| Title & legal | ||||
| Lien and UCC search | $450 | You (buyer) | Rarely | Co-ops have no title insurance; a lien search stands in |
| Recognition agreement | $250 | You (buyer) | Rarely | Aztech form between the lender and the co-op |
| Buyer's attorney | $5,500 | You (buyer) | Often | Flat fee is common; ask for it in writing |
| Building | ||||
| Board application and move-in fees | $1,500 | You (buyer) | Rarely | Set by the managing agent |
| Flip tax | $30,000 | Seller | Often | Usually 1–3%, set by the co-op; sometimes shifted to the buyer |
| Prepaids | ||||
| Tax and insurance escrow | $3,000 | You (buyer) | Rarely | Three months of taxes held by the lender |
| Homeowner's insurance, first year | $1,800 | 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.
- The rate: we use the rate for the whole consolidated loan (in the city, 1.925% when it's $500,000 or more), even when the new money is less. The recording office may use the new money's own bracket, which would be 0.125% of the new money less. Your attorney or the city's ACRIS calculator confirms.
- The Hamptons: §255 has no geographic limit, so it works in Suffolk County too, at Suffolk's rate. On a one- or two-family house, the first $10,000 of the taxed new money is free of the 0.30% additional tax (§253(2)(a)); that's our reading of how the two sections combine, so ask your attorney.
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.