Average Closing Costs in New York City, New York (2026 Guide)
Homebuyers in New York City typically pay $15,000 to $37,500 in closing costs on a $750,000 home — approximately 3.1% of the purchase price.
2026 Closing Cost Fee Breakdown
Based on $750,000 median home price in New York City
| Fee | Typical Range | Negotiable? |
|---|---|---|
| Origination Fee | $500 – $2,500 | Yes |
| Underwriting Fee | $400 – $1,200 | Yes |
| Processing Fee | $300 – $900 | Yes |
| Appraisal Fee | $400 – $700 | No |
| Credit Report | $25 – $75 | No |
| Flood Certification | $10 – $50 | No |
| Lender's Title Insurance | $500 – $2,000 | No |
| Settlement Fee | $300 – $800 | Sometimes |
| Recording Fees | $50 – $250 | No |
| Prepaid Interest | Varies by rate | No |
| Property Tax Escrow | 2–3 months | No |
| Homeowners Insurance | 1–2 months | No |
| Estimated Total | $15,000 – $37,500 |
Ranges are typical for a conventional purchase loan · Prepaid and escrow amounts vary by closing date and lender · Source: FairRate market data 2026
New York City Home Price & Closing Cost Context
The median home price in New York City is approximately $750,000. At the New York average closing cost rate of 3.1%, a buyer in New York City would pay approximately $23,250 in total closing costs — within the typical range of $15,000 to $37,500.
Closing costs in New York City cover both lender fees (origination, underwriting, processing) and third-party fees (appraisal, title insurance, settlement, recording). Lender fees are negotiable; third-party fees are mostly fixed, though you can sometimes shop for your own settlement agent to reduce those costs.
New York Real Estate Laws That Affect Your Closing Costs
New York has a unique CEMA (Consolidation Extension and Modification Agreement) that allows buyers to assume the sellers existing mortgage and only pay mortgage recording tax on the new money. New York City imposes a Mansion Tax on purchases over $1 million starting at 1%.
Transfer Tax in New York
New York State charges $4 per $1,000 of sale price. NYC adds 1% on sales under $500,000 and 1.425% above. Buyers pay Mortgage Recording Tax of 1.8% in NYC on loans under $500,000 and 1.925% above.
Attorney Requirements in New York
New York requires a real estate attorney for all closings. Fees range from $1,500 to $3,000 in NYC and $800 to $1,500 upstate.
Who Pays Closing Costs in New York?
Buyer Typically Pays
- · Lender origination, underwriting & processing fees
- · Appraisal fee
- · Lender's title insurance
- · Prepaid interest, property tax, homeowners insurance escrow
- · Recording fees
- · Attorney fees (required in New York)
Seller Typically Pays
- · Real estate agent commissions
- · Transfer taxes (see details above)
- · Owner's title insurance (in most New York transactions)
- · Any outstanding liens or HOA dues
Buyer/seller splits can shift via negotiated concessions. In competitive New York City markets, sellers may be less willing to cover buyer closing costs. Your Loan Estimate will show all buyer-paid fees within 3 business days of application.
Local Market Notes for New York City
New York City is currently in a seller-leaning market. Sellers are less likely to offer closing cost concessions, but you can still negotiate lender fees directly.
Closing Process
New York requires attorney involvement at closing. Closings typically take 30–45 days.
Lender Competition
New York has a highly competitive lender market — getting 3+ quotes gives you real leverage.
First-Time Buyer Programs in New York
SONYMA offers below-market fixed rates and down payment assistance for first-time buyers statewide.
Income and purchase price limits apply. Contact your lender or your state housing finance agency for current program terms in New York City.
Which Fees Are Negotiable?
The fees in Section A of your Loan Estimate are set by the lender and are negotiable: origination, underwriting, and processing fees. Section B fees — appraisal, title, recording — are set by third parties and cannot be negotiated with the lender.
What to Do When You Get Your Loan Estimate
Your lender must provide a Loan Estimate within 3 business days of application. Check Section A fees against the ranges above, ask your lender to justify any fee above the typical range, and compare total closing costs across at least two lenders.
Frequently Asked Questions — New York City Closing Costs
How much are closing costs in New York City, New York?
Homebuyers in New York City typically pay $15,000 to $37,500 in closing costs on a median-priced home of $750,000 — approximately 3.1% of the purchase price.
Who pays closing costs in New York?
In New York, buyers pay lender fees, title insurance, recording fees, and attorney fees (required at closing). Sellers typically pay real estate commissions and transfer taxes.
What closing costs can I negotiate in New York City?
The most negotiable closing costs in New York City are lender fees — specifically the origination fee, underwriting fee, and processing fee listed in Section A of your Loan Estimate. Third-party fees like appraisal and title insurance are set by independent providers and are harder to negotiate directly with your lender.
Get Your Fees Analyzed