Buyer Closing Costs in New York
Buyers in New York typically pay 2–5% of the purchase price in closing costs. On a $338,000 home, that's approximately $6,750–$16,900. Here's the itemized breakdown:
| Cost Item | Typical Range | On $338K Home |
|---|---|---|
| Loan Origination Fee | 0.5–1% of loan | ~$1,350–$2,700 |
| Appraisal Fee | $500–$800 | ~$600 |
| Home Inspection | $400–$600 | ~$500 |
| Title Search & Insurance | $900–$1,400 | ~$1,100 |
| Attorney Fee (required in NY) | $1,000–$2,000 | ~$1,500 |
| Recording Fees | $200–$400 | ~$300 |
| Mortgage Recording Tax (NY) | 1.05–2.05% of mortgage | ~$2,830 |
| Pre-paid Interest | Varies | ~$500–$1,000 |
| Pre-paid Insurance & Escrow | 2–3 months | ~$700–$1,100 |
| Total Estimated (Buyer) | $9,000–$15,000 |
* Estimates based on Albany County averages for 2026. Actual costs vary by lender, property, and transaction specifics.
Seller Closing Costs in New York
Sellers in New York typically pay 6–10% of the sale price in total costs, including agent commissions. On a $338,000 sale:
| Cost Item | Rate | On $338K Sale |
|---|---|---|
| Real Estate Commission | Negotiable | Varies |
| NY State Transfer Tax | $4 per $1,000 | ~$1,352 |
| Attorney Fee | $1,000–$2,000 | ~$1,500 |
| Home Repairs (if negotiated) | Varies | $0–$5,000+ |
| Mortgage Payoff | Remaining balance | Varies |
| Total (excl. commission & payoff) | ~$3,000–$8,000 |
Tips to Reduce Closing Costs
- Shop lenders: Lender fees vary significantly. Get Loan Estimates from 3+ lenders and compare the APR and closing costs, not just the rate.
- Negotiate seller concessions: In some markets, you can ask the seller to cover a portion of your closing costs — especially if you're offering above asking price.
- Use first-time buyer programs: SONYMA and DPAL can cover thousands in down payment and closing cost assistance.
- Close at end of month: Pre-paid interest is charged per day from closing to month-end. Closing later in the month means fewer days of pre-paid interest.
- Ask about lender credits: A higher interest rate in exchange for lender credits can reduce your out-of-pocket at closing — smart if you plan to move within 5 years.
Asad M Butt
NYS Licensed Realtor — Lic. #10401361634
Asad will walk you through every closing cost before you make an offer — no surprises at the closing table.
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