Closing Costs in New York (2026)

Buyers in New York typically pay 2% to 5% of the purchase price in closing costs — roughly $11,522 to $28,805 on a median-priced home around $576,100. Our itemized estimate, including lender fees, title work, government fees, and prepaid taxes and insurance, comes to about $18,840 (3.3% of the price) with 20% down at 6.75%.

The effective property tax rate in New York is approximately 1.4% of home value per year. On a median-priced home of $576,100, that works out to about $8,065 per year, or $672 per month. Several months of taxes are usually collected up front at closing to fund your escrow account.

Yes. New York transfer tax is customarily paid by the seller; buyers pay a 1% mansion tax above $1M, and NYC adds its own taxes. At that rate on a $576,100 home, the tax is roughly $2,304 — and in this state the buyer does not customarily pay it, so it is not included in our buyer-side estimate. Everything is negotiable in the purchase contract.

The 2026 conforming loan limit in most of New York is $832,750 for a one-unit home. Some high-cost counties go as high as $1,249,125. On a median-priced $576,100 home with 20% down, the loan is $460,880 — within the conforming limit in most counties. FHA limits also vary by county (2026 floor about $541,288).

With 20% down on a $576,100 home, plan for about $134,060 in total: $115,220 for the down payment plus roughly $18,840 in closing costs and prepaid items. A smaller down payment reduces the cash needed but adds PMI to your monthly payment.

On a median-priced $576,100 home with 20% down and a 30-year loan at 6.75%, the total monthly payment is about $3,957 — $2,989 in principal and interest, $672 in property taxes, and $296 in homeowners insurance.