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Statistic calculating

Real Estate Calculator

Use the calculator above to estimate the numbers behind a New York City purchase, sale or investment. Choose a tab, enter your figures, and the results update instantly. Every tab follows current New York State and New York City tax schedules.

 

  • Monthly Payment: principal and interest for your rate and term, plus common charges or co-op maintenance, property taxes and insurance, the total cash you need, and the income a co-op board may look for

  • Buyer Closing Costs: an itemized estimate including the mansion tax, mortgage recording tax, title insurance, lender and building fees, with new development and co-op differences built in

  • Seller Net Proceeds: brokerage commission, NYC and NYS transfer taxes, co-op flip tax and other costs of sale, and what you can expect to net after your mortgage payoff

  • Investment Returns: net operating income, cap rate, cash flow, cash-on-cash return, debt service coverage, break-even rent and year-one total return

 

For a full walkthrough, read the NYC Home Buyer's Guide, the NYC Home Seller's Guide or the NYC Real Estate Investor's Guide.

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How NYC Closing Costs Work

 

Buying a Condo vs. a Co-op

Condo buyers receive a deed, so their closing costs include title insurance and, when financing, the NYC mortgage recording tax. Financed condo purchases often total approximately 3% to 5% of the price. Co-op buyers purchase shares in a corporation, so there is no title insurance or mortgage recording tax, and closing costs often total approximately 1% to 2%. Many co-ops also require post-closing liquidity, commonly 12 to 24 months of mortgage and maintenance payments.

 

New York State Mansion Tax (Paid by the Buyer)

The mansion tax applies to residential purchases of $1 million or more (condos, co-ops and 1 to 3 family homes), and the rate applies to the full price.

 

  • $1,000,000 to $1,999,999: 1.00%

  • $2,000,000 to $2,999,999: 1.25%

  • $3,000,000 to $4,999,999: 1.50%

  • $5,000,000 to $9,999,999: 2.25%

  • $10,000,000 to $14,999,999: 3.25%

  • $15,000,000 to $19,999,999: 3.50%

  • $20,000,000 to $24,999,999: 3.75%

  • $25,000,000 or more: 3.90%

 

NYC Mortgage Recording Tax (Condos and Houses)

  • Loans under $500,000: 1.80% (borrower's share)

  • Loans of $500,000 or more: 1.925% (borrower's share)

  • Buildings with four or more units and commercial property: 2.05% under $500,000; 2.80% at $500,000 or more

  • Co-op loans are not subject to mortgage recording tax

 

Transfer Taxes (Usually Paid by the Seller)

  • NYC Real Property Transfer Tax, residential: 1.00% up to $500,000; 1.425% above $500,000

  • NYC Real Property Transfer Tax, 4+ units and commercial: 1.425% up to $500,000; 2.625% above $500,000

  • NYS Transfer Tax: 0.40%; 0.65% for residential sales of $3 million or more (or $2 million or more for other property)

  • In new development sales, the buyer usually pays these transfer taxes on the sponsor's behalf

 

Frequently Asked Questions

How much cash do I need to buy in NYC?

Plan for your down payment (often 10% or more for condos and 20% to 25% or more for co-ops), closing costs, and any post-closing liquidity the building requires. The Monthly Payment tab adds all three together.

 

How much income do I need for a co-op?

Many co-op boards look for total housing costs of roughly 25% to 30% of gross income, with little other debt. Set the housing cost to income ratio in the calculator to see the income that corresponds to your monthly cost.

 

Are these numbers exact?

They are planning estimates. Lender fees, building fees and title charges vary, and your attorney will confirm final figures before closing. For a property-specific analysis, request a custom analysis and I will prepare one for you.

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