Buyer closing cost calculator
What a Long Island buyer brings to the closing table on top of the down payment: the two taxes this site already prices, the fees on the office sheet, and the two figures only your lender and title company can give you.
From your Loan Estimate and title quote (leave blank until you have them; the total says so)
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Where each number comes from
Attorney, inspection, appraisal. The office sheet, October 2026: attorney $1,950 to $2,300, inspection $650 and up, appraisal $600 to $800. The calculator uses the middle of each range. Full detail on what comes out of your pocket.
Mortgage recording tax. New York taxes the mortgage itself when it is recorded. In Suffolk and Nassau the full rate is 1.05 percent of the loan: 0.50 basic, 0.30 state housing, 0.25 transit. On a one or two family home with a natural person borrowing, the lender pays the 0.25 and $30 comes off, so the buyer's share is about 0.80 percent less $30. A co-op loan is a loan against shares, not a recorded mortgage, so there is none. Read against the Suffolk County Clerk schedule; the under contract page shows the worked loans.
Mansion tax. One percent of the whole price at $1,000,000 and above, paid by the buyer, a cliff not a bracket. New York State Department of Taxation and Finance.
Title insurance, lender fees, prepaids. Title rates in New York are filed with the state and depend on the price and the loan; lender fees depend on the lender; prepaids depend on the closing date and the tax calendar. None of them is guessed here. Type them from your Loan Estimate and title quote and the total updates.
Not here on purpose. The transfer tax (the seller pays it), the deposit at contract (part of your down payment, not a cost), and moving. Sellers run the net sheet.
These are general ballpark estimates for a Long Island buyer and will change with your lender, your title company and your closing date. Contact your lender for accurate numbers. Nothing here is legal or lending advice.
Common questions
How much are closing costs for a buyer on Long Island?
A general ballpark is 3 to 5 percent of the price on top of the down payment. The mortgage recording tax, title insurance, lender fees, the attorney and, at $1,000,000 and above, the mansion tax make up most of it. Your Loan Estimate carries the exact figures.
What is the mortgage recording tax in Suffolk and Nassau?
1.05 percent of the loan. On a one or two family home with a person borrowing the lender pays 0.25 of it and $30 comes off, so the buyer's share is about 0.80 percent less $30. Co-op loans carry none.
Does the buyer pay the transfer tax?
No. The seller pays the state transfer tax. The buyer pays the mansion tax when it applies, and on the East End the Peconic Bay preservation tax. The transfer tax calculator prices both.
When is the money due?
The deposit at contract, usually 5 to 10 percent of the price, counts toward your down payment. Everything else is wired the day before closing or brought as a bank check. Your attorney sends the exact figure the day before.
Disclaimer: figures are computed from your inputs with the published New York State mortgage recording and mansion tax rules and the office cost sheet dated October 2026. Actual numbers vary by lender, title company, property and closing date. Contact your lender for accurate numbers.