Why Use This Long Island Closing Costs Calculator
Closing costs on Long Island are among the highest in the country due to unique state and county taxes. This tool helps you:
- 🏠 Estimate Buyer Costs — from mortgage recording tax to attorney fees.
- 📊 Calculate Seller Costs — commissions, transfer tax, and more.
- 💰 Plan Your Cash to Close — know exactly what you need at the table.
- 📈 Visual Cost Breakdown — see where your money goes.
- 🔒 100% Private — everything runs locally in your browser.
Long Island Closing Costs Explained
Buyer Closing Costs
| Cost | Rate / Estimate |
|---|---|
| Mortgage Recording Tax | 1.05% of loan amount (0.80% county + 0.25% state) |
| Mansion Tax | 1% on purchases ≥ $1,000,000 |
| Title Insurance | ~$3,500 (varies by insurer) |
| Attorney Fees | $1,500 – $3,500 |
| Bank / Lender Fees | $1,000 – $2,500 |
| Property Tax Escrow | 4-6 months of annual taxes |
| Home Inspection | ~$600 |
| Appraisal Fee | ~$550 |
Seller Closing Costs
| Cost | Rate / Estimate |
|---|---|
| Agent Commission | 5-6% total (split between buyer/seller agents) |
| NYS Transfer Tax | 0.4% of sale price |
| County Transfer Tax | Varies by county (~0.20% in Nassau/Suffolk) |
| Attorney Fees | $1,500 – $3,500 |
| Title Insurance (Owner’s) | Typically paid by seller |
How Long Island Closing Costs Calculator Fees Are Calculated
Buyer Costs = Mortgage Recording Tax + Mansion Tax (if ≥$1M) + Title Insurance + Attorney + Bank Fees + Escrow + Inspection + Appraisal + Survey + Miscellaneous
Seller Costs = Agent Commission + NYS Transfer Tax + County Transfer Tax + Attorney + Title Insurance + Miscellaneous
Cash to Close (Buyer) = Down Payment + Buyer Closing Costs – Seller Credits (if any)
Net Proceeds (Seller) = Sale Price – Seller Closing Costs – Mortgage Payoff
How to Use the Long Island Closing Costs Calculator
- Enter the purchase price.
- Enter your loan amount or down payment percentage.
- Enter the annual property tax for the home.
- Set escrow months collected at closing (typically 4-6).
- Adjust estimated fees for title insurance, attorney, and bank.
- Set agent commission percentages (defaults: 3% each).
- View your detailed breakdown and charts.
Long Island Closing Costs Calculator Frequently Asked Questions
What is the mortgage recording tax on Long Island?
The mortgage recording tax is 1.05% of the loan amount in Nassau and Suffolk counties — one of the highest rates in the country.
What is the mansion tax?
It’s a 1% tax on purchases of $1,000,000 or more in New York State, paid by the buyer.
How much are closing costs for a buyer on Long Island?
Buyers typically pay 2% to 6% of the purchase price. On a $685,000 home, expect $17,125–$34,250.
What closing costs does the seller pay?
Sellers pay agent commissions (5-6%), NYS transfer tax (0.4%), and county transfer taxes — typically 8-10% of the sale price.
How does property tax escrow work?
Lenders collect 4-6 months of property taxes at closing to build a cushion for future tax payments. This amount is held in your escrow account.