Closing Costs in New York (2026): What You'll Pay at the Table

What's Included in New York Closing Costs

Breakdown on a $487,737 purchase with 6.4% rate

Estimates based on $487,737 purchase. Actual costs vary by lender, county, and loan type.

Closing Costs Calculator — New York

Pre-loaded with New York's transfer tax rate and median purchase price of $487,737

New York Real Estate Transfer Tax

Transfer taxes are calculated on the sale price and paid at closing

Source: New York revenue authority

Attorney at Closing: Required in New York

Estimated Closing Costs by City in New York

Based on each city's median price and New York's closing cost rates

APR Calculator — True Cost of Your Loan

APR folds in closing costs so you can compare loans with different fee structures. Pre-loaded with New York's median loan amount of $390,190 at 6.4%.

Should You Buy Points to Lower Your Rate?

Each point costs 1% of the loan ($3,902) and reduces your rate by roughly 0.25%. This calculator shows your break-even month.

How to Reduce Closing Costs in New York

Mortgage Payment Calculator — New York

After closing costs, here's what your monthly payment looks like on $487,737 in New York

Frequently Asked Questions

What are average closing costs in New York?

Closing costs in New York average 3.10% of the purchase price. On the state median of $487,737, that's approximately $16,849. New York ranks 3rd highest (after DC and Delaware) nationally. Source: ClosingCorp 2021 / Urban Institute 2025.

Does New York have a real estate transfer tax?

Yes. 0.4% state, additional NYC rates apply (1.425% for sales over $500K) On a $487,737 home, the transfer tax alone is $1,951.

Is an attorney required to close on a home in New York?

Yes — New York is an attorney-state. A licensed real estate attorney must be present at closing. Attorney fees average $1,500 in New York. This is typically paid by the buyer.

What is title insurance and how much does it cost in New York?

Title insurance protects the lender (and optionally you) against ownership disputes, liens, and title defects discovered after closing. In New York, lender's title insurance averages $2,200. Owner's title insurance is separate and typically costs 0.5–1% of the purchase price. Unlike other insurance, it's a one-time premium paid at closing.

Can closing costs be rolled into the mortgage in New York?

You cannot roll closing costs into a purchase mortgage — lenders fund only the home's purchase price. However, you can negotiate seller concessions (seller pays your closing costs), use a slightly higher rate in exchange for lender credits, or apply down payment assistance funds toward closing costs. On a $390,190 loan in New York, 1 point of lender credit costs about $975/mo extra in payment.

When do I get the Closing Disclosure in New York?

Federal law (TRID) requires your lender to provide the Closing Disclosure at least 3 business days before closing. It shows final loan terms, monthly payment, and itemized closing costs. Compare it carefully to your Loan Estimate — lenders are limited in how much certain fees can change between the two documents.

What closing costs are tax-deductible in New York?

Most closing costs are not deductible. Exceptions: prepaid mortgage interest (the interest accrued between closing and your first payment), and mortgage points paid to buy down your rate may be deductible in the year paid or amortized over the loan term. Property taxes prepaid at closing are deductible up to the $10,000 SALT cap. Consult a tax professional for New York-specific guidance.