New York Seller Closing Cost Calculator

Closing Cost Calculator for New York: Seller Averages

This free calculator can help home sellers in New York estimate their closing costs and potential net proceeds. To get a ballpark idea of the cost of selling a house in the Empire State, enter the information for each of the input fields above.

You can see typical or state averages for most New York State seller closing costs below.

Home Selling Price: $576,000

How does your home compare to the state’s median selling price of $576,000? 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 New York agent
3. Purchase a pre-listing home appraisal (typically $625 in New York)
4. Visit this HomeLight map link to compare recently sold homes in New York

Mortgage Payoff Amount: $291,129

According to Experian’s credit experts, the average mortgage balance for New York homeowners is $291,129. To find your exact payoff amount, check your latest mortgage statement or contact your mortgage servicer.

Listing Agent Fee: $14,400–$17,280

A typical listing agent commission in New York is 2.5% to 3% of the home’s selling price. On a $576,000 house, your agent’s fee might range from $14,400–$17,280.

Buyer’s Agent Fee: $14,400–$17,280

In the past, sellers covered both the listing agent and the buyer’s agent fees. 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 as a concession for buyers, on a $576,000 median-priced New York home, you can expect to pay $14,400–$17,280.

Detailed Closing Costs: $17,856

Closing costs in New York average about 3.1% of the home’s sale price, considerably higher than most other U.S. states. On a median-priced home of $576,000, you might pay $17,856. Below are some of the typical types of closing costs you can expect:

• Home Preparations: You can enhance curb appeal by cleaning the house, landscaping, or staging the property.
• Renovations/Repairs: Consider repairing or modernizing your property to meet buyer demand or inspection requests.
• Title Service Fees: Title company work is required to verify legal ownership and help manage the property transfer.
• Owner’s Title Insurance: A one-time insurance premium paid by the seller to protect the buyer from title issues or ownership disputes.
• Transfer Taxes: New York home sellers pay a transfer tax rate of $2 for every $500 of the property’s value. (See more below.)
• Recording Fees: Fees paid to the local government to officially record the change in property ownership.
• Buyer Incentives: Credits or concessions you might offer buyers, such as paying the buyer’s agent fees or offering a rate buydown.
• Other Costs: Miscellaneous expenses 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 not technically a closing cost, you should include this expense in your budget, which can range from $883 to $7,000.

New York state has a transfer tax rate of $2.00 per $500 of consideration when a property changes ownership. The state also has a “mansion tax,” which is an additional tax of 1% of the sale price applicable to residences with a value of $1 million or higher. This is paid by the buyer. 

More Helpful Seller Resources From HomeLight

Here are some additional tools you may find helpful as you plan your New York state home sale:

• Listing Agent Match platform
• Home Value Estimator
• Best Time to Sell Calculator
• Agent Commissions 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 New York home to get started. Along with your offer, you’ll also see an estimate of what a top New York 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
• Closing Costs Calculator
• Buyer’s Agent Match platform