Work out the number
before you talk to anyone
Move the sliders. Every rate is editable, nothing is sent anywhere, and the arithmetic is the same one we use on a real file.
Before you read on
- An estimate, not a quotation. Rates and fees vary by state, county, building and deal terms.
- The calculation runs in your browser. Nothing you type is transmitted or stored.
What a purchase costs at closing, and every month after
New York adds two taxes most markets do not: mansion tax on the buyer from $1,000,000, and a recording tax on the mortgage itself. Neither applies to a co-op in the same way. Switch the property type and the location and watch which lines disappear.
Closing costs
| Deposit 30% of the price | $450,000 |
| Mansion tax 1.00% on the whole price | $15,000 |
| Mortgage recording tax 1.675% of the loan, net of the lender's share | $17,588 |
| Title insurance About 0.45% of the price | $6,750 |
| Transfer taxes Paid by the seller on a resale | $0 |
| Attorney | $5,000 |
| Building and application fees | $2,000 |
| Lender fees | $3,000 |
Every month
| Mortgage $1,050,000 at 6.80% over 30 years | $6,845 |
| Property tax 1.00% a year | $1,250 |
| Common charges Property tax is billed separately | $1,800 |
What a New York rental needs up front
The rent is rarely the problem. The broker fee, the guarantor company and the forty times income test are what decide whether an application is accepted, and they are what people arrive without having budgeted for.
Move-in cost
| First month's rent | $4,500 |
| Security deposit New York caps this at one month on most units | $4,500 |
| Broker fee 12% of the annual rent | $6,480 |
| Guarantor fee Charged annually | $4,500 |
The 40x test asks for annual income of forty times the monthly rent, documented in the US. At $4,500 a month that is $180,000. A guarantor company is what most arrivals use instead.
Let’s talk first
Send us the numbers you arrived at and we will check them against real listings in that band.
Important notice
The figures on this page are general information as of August 2026 and do not represent an offer, a quote, or a guarantee of any transaction terms. Reinvent NY does not provide legal, tax, or investment advice. Confirm anything material with an attorney and a CPA before you act on it. Nothing here is a solicitation to invest, and no return is promised. Real estate brokerage services are provided through R New York.