Use this New York mortgage tax calculator to estimate your NYC mortgage recording tax, the mansion tax, and your real monthly payment for 2026. Enter your price and loan, choose your location, and see the taxes generic calculators leave out.
Educational tool, not tax or legal advice. SavingsClub is not a licensed tax professional. For a specific transaction, consult your attorney or a CPA.
New York City means the five boroughs, where the mortgage recording tax is 1.8 to 1.925 percent and the mansion tax applies above 1 million dollars.
Property tax varies a lot in New York. NYC is near 0.9 percent, while Long Island and Westchester can exceed 2 percent. Enter your own local rate for accuracy.
Enter your price, down payment, and rate above, then click Calculate to see your monthly payment plus the NYC recording tax and mansion tax due at closing.
Most mortgage calculators stop at the monthly payment. In New York, and especially in New York City, that leaves out the two costs that surprise buyers most: the mortgage recording tax and the mansion tax. This New York mortgage tax calculator adds both, so the number you see is closer to what you will actually sign for at the closing table.
Enter your price, down payment, rate, and term. Choose New York City or outside the city, because the recording tax is completely different between the two. The calculator returns your monthly principal, interest, property tax, and insurance, and then a separate closing tax panel showing the recording tax, the mansion tax if it applies, and the combined total due on day one.
The NYC mortgage recording tax is a tax on your loan amount, not your purchase price, paid by the buyer when the mortgage is recorded. For one to three family homes and condos in the five boroughs, the buyer facing rate is 1.8 percent on loans under 500,000 dollars and 1.925 percent on loans of 500,000 dollars or more. On a 600,000 dollar loan that is 11,550 dollars, usually the single largest line on a New York City buyer's closing statement.
Two facts change the number in ways a plain mortgage tax calculator NYC search will not tell you. First, co-ops are exempt, because you are buying shares in a corporation rather than real property, so no mortgage is recorded. Second, the tax is only on financed purchases, so a cash buyer pays none of it. If you are comparing a condo against a co-op, this tax alone can be tens of thousands of dollars of difference.
The high 1.8 to 1.925 percent figures apply only inside the five boroughs. If you are buying in Westchester, on Long Island, or upstate, you pay only the state portion plus a county surcharge, which lands around 1.05 to 1.3 percent depending on the county. That is why this calculator asks for your location first. Choosing the wrong one can misstate your closing cost by thousands of dollars, so the NYS mortgage tax calculator path and the NYC path are kept separate here.
The mansion tax is a separate buyer tax on residential purchases of 1,000,000 dollars or more in New York City. It is progressive, running from 1 percent up to 3.9 percent as the price climbs, and it applies to the entire purchase price rather than just the amount over a million.
The threshold is a genuine cliff, not a gentle ramp. A purchase at 999,999 dollars owes no mansion tax. A purchase at exactly 1,000,000 dollars owes 1 percent of the full million, which is 10,000 dollars. That single dollar of price triggers ten thousand dollars of tax, which is why buyers near the line negotiate hard to stay just under it. The calculator flags when your price crosses into mansion tax territory.
| Purchase price | Mansion tax rate | Tax at that price |
|---|---|---|
| Under $1,000,000 | 0% | $0 |
| $1,000,000 to $1,999,999 | 1.00% | $10,000 at $1M |
| $2,000,000 to $2,999,999 | 1.25% | $25,000 at $2M |
| $3,000,000 to $4,999,999 | 1.50% | $45,000 at $3M |
| $5,000,000 to $9,999,999 | 2.25% | $112,500 at $5M |
| $10,000,000 to $14,999,999 | 3.25% | $325,000 at $10M |
| $15,000,000 to $19,999,999 | 3.50% | |
| $20,000,000 to $24,999,999 | 3.75% | |
| $25,000,000 or more | 3.90% |
Sources: New York State Department of Taxation and Finance and NYC Department of Finance, 2026 rates. The mansion tax applies statewide but overwhelmingly affects New York City buyers because prices there most often cross 1 million dollars.
Consider a 2,000,000 dollar New York City condo with 20 percent down, a 1,600,000 dollar loan. The recording tax at 1.925 percent is 30,800 dollars. The mansion tax at 1.25 percent is 25,000 dollars. Before title insurance, lender fees, and attorney fees, this buyer already owes 55,800 dollars in New York specific taxes at closing. That is why a working NYC condo closing costs calculator has to include these two taxes, and why a national mortgage calculator understates a New York purchase so badly.
For the underlying monthly payment math without the New York taxes, our national mortgage calculator covers principal, interest, taxes, and insurance for any state. To see how these closing costs fit your wider budget, our budget planner and emergency fund calculator help you plan the cash you need on hand.
The mortgage recording tax is a tax on the loan amount, paid by the buyer at closing when a new mortgage is recorded. In New York City the buyer rate is 1.8 percent on loans under 500,000 dollars and 1.925 percent on loans of 500,000 dollars or more, for one to three family homes and condos. Outside the city the rate is far lower, roughly 1.05 percent depending on the county. It is often the single largest closing cost for a New York City buyer.
Multiply your loan amount by the applicable rate. For a New York City loan under 500,000 dollars, multiply by 1.8 percent. For a loan of 500,000 dollars or more, multiply by 1.925 percent. For example, a 600,000 dollar loan is taxed at 1.925 percent, which is 11,550 dollars. The calculator on this page does this automatically once you enter your loan amount and choose your location.
The mansion tax is a buyer tax on residential purchases of 1,000,000 dollars or more in New York City. It is progressive, starting at 1 percent and rising to 3.9 percent as the price increases. It applies to the entire purchase price, not just the amount above 1 million. A purchase at exactly 1,000,000 dollars owes 10,000 dollars, while a purchase at 999,999 dollars owes nothing, so the threshold is a sharp cliff.
No. Co-op purchases are exempt from the mortgage recording tax because you are buying shares in a corporation rather than real property, so no mortgage is recorded against a deed. This is one of the financial differences between co-ops and condos in New York City. The mansion tax, however, still applies to a co-op purchase of 1 million dollars or more.
For a financed condo or house purchase in New York City, buyer closing costs commonly run about 4 percent of the price, driven largely by the mortgage recording tax and, above 1 million dollars, the mansion tax. Co-op closing costs are lower, around 2 percent, because there is no recording tax. Title insurance, lender fees, and attorney fees make up the rest.
The buyer pays the mortgage recording tax at closing. The lender contributes a separate 0.25 percent special additional portion on qualifying residential loans, which is why the buyer facing rates are 1.8 and 1.925 percent rather than the full combined figure. Cash buyers pay no recording tax at all because there is no mortgage to record.
Property tax varies widely by location. New York City has a relatively low effective rate near 0.9 percent, while Long Island and Westchester County are among the highest in the nation at 2 percent or more. The statewide average effective rate is roughly 1.7 percent. Because the range is so wide, enter your own local figure in the calculator rather than relying on a statewide average.
There are limited legal ways to reduce it. A Consolidation, Extension and Modification Agreement, known as a CEMA, can lower the tax on a refinance or a purchase CEMA by treating part of the existing mortgage as assigned rather than newly recorded. Buying a co-op avoids the tax entirely, and an all cash purchase avoids it because no mortgage is recorded. These options do not fit every situation, so confirm with your attorney.