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Mortgage Calculator
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$
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$
Interest Rate
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Mortgage Term
years
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Closing Cost Calculator
Fill out the forms below to know what to expect when closing.
I am a Buyer
I am a Seller
General Information
Buying directly from the Sponsor?
Yes
Yes
No
Property type
Condo
Condo
Townhouse
Coop
Will you have a mortgage?
Yes
Yes
No
Property Price, $
Price and Downpayment
Property Price, $
Downpayment, %
Mortgage, $
Subtotal: $
18,250
Buying from Sponsor
Transfer taxes and seller’s attorney fees become the responsibility of the buyer when buying a sponsor unit.
NYC Real Property Transfer Tax, $
If price < $499,999 then 1%. If price > $499,999 then 1.425%.
NY State Transfer Tax, $
0.4% of sales price
Seller's Attorney Fee, $
$2,000-$2,500
Subtotal: $
2,500
Fees for Condo/Townhouse
You will require the services of an attorney and other companies in order to perform due diligence on the property. All relevant documents must be copied, certified, and filed with the New York City Register. Mansion Tax must be paid on all real estate purchases over $1000000.
Attorney Fees, $
Starting at $2,000
Survey Fees, $
$250-$350, if applicable
Recording Expenses, $
Starting at $500
Title Insurance
$450 per $100,000
Mansion Tax, $
1% if the price plus NYS and NYC Transfer tax > $1,000,000
Subtotal: $
4,500
Fees for Coop
Attorney and lien search company will help you with due diligence on the property and recording of the contract. All real estate purchases over $1,000,000 are subject to Mansion Tax.
Attorney Fees, $
Starting at $2,000
Mansion Tax, $
1% if the price plus NYS and NYC Transfer tax > $1,000,000
Subtotal: $
4,500
Building-Related Fees
Each building has its own Board that sets the rules specific to their building. Such rules cover such procedures as application and approval of future residents, the move-in procedure, sublet policy, and any repairs and improvements on the building. Residents are responsible for monthly charges for common areas and services in the building.
Application
$200 and up
Move-In Deposit
$500-$1000, usually refundable
Maintenance Adjustment
One month of common charges, prorated for the month
Lead Paint Disclosure Fee
$0-$50
Subtotal: $
5,500
Bank and Mortgage-Associated Fees
Employing a mortgage in the financing of your purchase will cause you to incur the costs and fees associated with the mortgage application process. Depending on the institution, fees may be fixed or negotiable, and vary across the board. You will have to acquire an independent appraisal and a mortgage title insurance. Mortgage costs tend to run from3% to 6% of the borrowed amount, and the Mortgage Tax in New York is paid once when the mortgage is obtained.
Appraisal
$400 and up
Credit Report
$30-$80 per applicant
Mortgage Application
$300 and up
Mortgage Origination Fees
0-3% of value of the loan
UCC-1 Filing
$75-$125
Bank Attorney
$400 and up
Recognition Agreement
$300 - $350
Other Bank Fees (tax escrow, homeowners’ insurance)
$400 - $1200
Mortgage Tax
If mortgage < $499,999 then 1.8% of mortgage
If mortgage > $499,999 then 1.925% of mortgage
Mortgage Title Insurance
$200 per 100,000
Subtotal: $
Buying From Sponsor
0
Fees for Condo/Townhouse
0
Fees for Coop
0
Building-Related Fees
0
Bank and Mortgage-Associated Fees
0
Total Cost
0
General Information
Buying directly from the Sponsor?
Condo
Condo
Townhouse
Coop
Property Price. $
Attorneys
Your attorney will provide you with legal guidance and representation during title clearance, preparation and signing of the contract.
Attorney Fees
$2,000 and up
Subtotal:
Taxes
In the state of New York, the Automated City Registering Information System is used to compute and file Real Estate Property Transfer Taxes. Tax Withholding is a due upon sale withholding for Sellers whose primary residence is outside of the New York State. The withholding is calculated from the gross sales price. Foreign nationals are subject to the 10% tax withholding at the time of sale. In case the seller's Capital Gain tax is smaller than the withheld amount, the Seller will receive tax refund from the State. Capital gain is taxed on the difference between the purchase and sales price of the property, adjusted for capital improvements and selling expenses.
NYC Real Property Transfer Tax, $
If price < $499,999 then 1%. If price > $499,999 then 1.425%.
NY State Transfer Tax, $
0.4% of sales price
Electronic Tax Filing with ACRIS
Gains Tax Withholding
For out-of-state US residents, 7.7% of gain
Tax Withholding for Non-US Residents
For non-US residents, 10% of sales price
Stock Transfer Stamps
$0.05 per share
Lost Stock and Lease
If applicable, $250-$750
Subtotal: $
Recording, Filing
UCC-3 is a public record indicating the satisfaction of a mortgage on a real property. Usually the Seller pays only a small fraction of the total recording fees. Most recording fees are normally paid by the Buyer.
Title and Recording Fees, $
Subtotal: $
Bank Fees
Your bank and lending institution often charge a fee to process and expedite the mortgage or loan payoff.
Payoff Bank Fees
$300 and up
Mortgage Satisfaction Fee
$150-$300
Subtotal: $
Building-Related Fees
Managing Agent Fee
$300-$700
Move-out Deposit
$500-$1000, usually refundable
Subtotal: $
1,250
Brokers
Broker Commission
6% of sales price
Subtotal: $
Attorney Fees
0
Taxes
0
Recording / Filing
0
Bank Fees
0
Building-Related Fees
0
Broker Comission
0
Total Cost
0
0
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