Long Island Seller Closing Cost Calculator

Closing Cost Calculator for Long Island: Seller Averages

This free calculator can help home sellers in Long Island estimate their closing costs and net proceeds. To get a ballpark idea of the cost of selling a house in the Strong Island, enter the information for each of the input fields above. You can see typical or state averages for most Long Island seller closing costs below.

See a full cost and proceeds breakdown

A top real estate agent can provide you with a Seller’s Net Sheet that breaks down all the costs of selling your home, along with an estimate of the proceeds you can expect. Use HomeLight’s free Agent Match platform to find a trusted local agent with excellent reviews and a proven track record.

Step 1: Talk to an Expert

Home Selling Price: $685,000

How does your home compare to the city’s median selling price of $685,000? To determine your listing price, you can:

1. Get a preliminary estimate with HomeLight’s free Home Value Estimator
2. Request a Comparative Market Analysis (CMA) from a top Long Island agent
3. Purchase a pre-listing home appraisal (typically $625 in Long Island)
4. Visit this HomeLight map link to compare recently sold homes in Long Island

Mortgage Payoff Amount: $291,129

According to Experian, the average homeowner in New York has a mortgage balance of $291,129. To find the exact payoff amount for your Long Island home, check your latest mortgage statement or contact your mortgage provider.

Listing Agent Fee: $17,125–$20,550

A typical listing agent commission in Long Island is 2.5% to 3% of the home’s selling price. On a $685,000 house, your agent’s fee might range from $17,125–$20,550.

Buyer’s Agent Fee: $17,125–$20,550

In the past, most home sellers covered both the listing agent and the buyer’s agent commissions. However, following a landmark court settlement by the National Association of Realtors, buyers are now expected to negotiate compensation directly with their own agents. If you’re offering to pay this fee to attract buyers or help close a deal, on a $685,000 median-priced Long Island home, you can expect to pay $17,125–$20,550.

Detailed Closing Costs: $17,125–$34,250

Closing costs in Long Island typically average 2.0%–5.0% of the home’s sale price. Whether your property falls in the high or low end of this range depends on its value, condition, the purchase agreement, and what services you end up paying for. On a median-priced home of $685,000, you might pay $17,125–$34,250. Below are some of the typical types of closing costs you can expect in a Long Island home sale:

• Home Preparations: To help make your Long Island home stand out, you’ll want to invest in curb appeal improvements such as cleaning, landscaping, or staging the property.
• Renovations/Repairs: Fixing or updating your Long Island home to meet buyer expectations or inspection requests.
• Title Service Fees: Title company work is required to verify the legality of ownership and help manage the transfer of the property.
• Owner’s Title Insurance: A one-time insurance premium paid by the seller in Long Island to protect the buyer from title issues or ownership disputes.
• Transfer Taxes: Long Island home sellers pay a state transfer tax rate of $2.00 for every $500 of the property’s value. (See more below.)
• Recording Fees: This is a relatively small fee you’ll need to pay to the local city or county recording office to officially record the change in property ownership.
• Buyer Incentives: With buyers being more hesitant in the current Long Island market, you may need to offer concessions or credits to sweeten a deal, such as paying the buyer’s agent fees or funding an interest-rate buydown.
• Other Costs: You’ll likely have some miscellaneous expenses that are not covered in other categories, such as attorney fees and HOA transfers. (An attorney is required to sell a house in New York.)
• Moving Expenses: While paying for movers or a rental truck is not technically a closing cost, you might want to include this expense in your budget, which can range from $883 to $7,000.

In Long Island, New York, which encompasses Nassau and Suffolk Counties, the transfer taxes involved in a real estate transaction generally include a New York State transfer tax and potentially an additional “mansion tax” on high-value properties.

This tax is levied at a rate of $2.00 for every $500 of the sale price, and an additional 1% tax applies to residential properties where the consideration is $1 million or more.

More Helpful Seller Tools From HomeLight

Here are some additional tools you may find helpful as you plan your Long Island home sale:

• Listing Agent Match platform
• Home Value Estimator
• Best Time to Sell Calculator
• Agent Commission Calculator
• Net Proceeds Calculator

Want to avoid closing costs and sell fast? Get a cash offer today.

With HomeLight’s Simple Sale platform, you can receive a no-obligation, all-cash offer in 24 hours and close in as few as 10 days. Answer a few questions about your Long Island home to get started. Along with your offer, you’ll also see an estimate of what a top Long Island agent might be able to get for your home. Get both options with one tool.

As you look ahead to your next home purchase, here are some helpful buyer tools:

• Home Affordability Calculator
• Down Payment Calculator
• General Closing Cost Calculator
• Buyer’s Agent Match platform