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, and the Share button sends your estimate as a link or an image.

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, grouped into standard, sponsor sale and financing costs, with 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, the NYC Real Estate Investor's Guide or the NYC Landlord's Guide.

Comparing your options? See Condo vs Co-op and Resale vs Sponsor Sale.

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 sponsor sales (new development condos and co-op sponsor units), the buyer usually pays these transfer taxes on the sponsor's behalf. Because that payment counts toward the price, the taxes are grossed up, which can also move the purchase into a higher mansion tax bracket

Frequently Asked Questions

Will the new NYC pied-à-terre tax apply to me?

It might, if the home won't be anyone's primary residence. The city's new annual surcharge on non-primary residences applies to condos and co-ops the city values at $1 million or more, and to one- to three-family homes it values at $5 million or more. The city uses its own market value, not your purchase price. See if it applies to you and what it would cost.

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.