TOWNHOUSE AND SINGLE-FAMILY HOME | |
MORTGAGE CLOSING COSTS | |
Buyer’s Attorney | Consult your attorney |
Bank Fees | $750+ |
Application Fee | $350+ |
Processing Fee | $330+ |
Appraisal Fee | $500 – $2,000 |
Credit Report Fee | $45 – $100+ |
Bank Attorney | $750 – $1,000 |
Tax Escrow | 2 to 6 months |
Recording Fees | $250 – $750 |
Mortgage Tax – Real Property Only (Co-Ops Excluded) | |
Mortgage Tax – NYC (Paid by Borrower) | |
1 – 3 Family Home • If mortgage is less than $500K:
1.8% of loan amount • If mortgage is $500K or more: 1.925% of loan amount |
CO-OPERATIVE | |
MORTGAGE CLOSING COSTS | |
Buyer’s Attorney | Consult your attorney |
Bank Fees | $550 – $1,000 |
Application Fee | $350 – $650 |
Processing Fee | $330 – $500 |
Appraisal Fee | $500 – $2,000 |
Credit Report Fee | $45 -$100+ |
Bank Attorney | $650 – $750 |
Lien Search | $250 – $350 |
UCC-1 Filing Fee | $100 |
Mansion Tax | 1% of entire purchase price where
price is $1,000,000 or more |
CONDOMINIUM | |
MORTGAGE CLOSING COSTS | |
Buyer’s Attorney | Consult your attorney |
Bank Fees | $750 – $1,000 |
Application Fee | $550 – $1,000 |
Processing Fee | $330 – $500 |
Appraisal Fee | $500 – $2,000 |
Credit Report Fee | $45 -$100+ |
Bank Attorney | $650 – $750 |
Tax Escrow | 2 to 6 months |
Recording Fee | $250 – $750 |
Fee Title Insurance | Variable by transaction
Please consult your attorney |
Mortgage Title Insurance | Approx. $130 per $100K of
mortgage amount |
Municipal Search | $350 – $500 |
Mansion Tax | 1% of entire purchase price
where price is $1,000,000 or more |
NYC Mortgage Tax | • Mortgage less than $500k = 1.8%
• Mortgage $500K+ on 1-3 family residential dwelling = 1.925% |
This closing cost guide was created in order to help you to understand the general costs associated with the purchasing or selling of a home. Please be advised that these numbers are estimates and it is important to consult your financial advisor or real estate attorney for specific costs.