Buying a home on Staten Island is exciting, but the closing costs can feel like a mystery. You want to budget with confidence and avoid last‑minute surprises. In this guide, you’ll learn what buyers typically pay in Richmond County, how NYC rules affect your total, real‑world ranges to expect, and smart steps to keep everything on track. Let’s dive in.
Updated November 2025. Local taxes and fees change. Always confirm exact amounts with your lender, real estate attorney, title company, and the NYC/NY State tax authorities before you close.
What closing costs cover in Staten Island
Closing costs are the one‑time fees and prepayments due when you finalize your purchase. They usually include:
- Lender fees and loan items: origination or processing fees, appraisal, credit report, underwriting, and any optional discount points.
- Title and closing services: title search, title insurance (owner and lender policies), settlement or closing agent fees, and recording fees.
- Taxes and transfer charges: mortgage recording taxes, the New York “mansion tax” for higher‑priced homes, and local recording charges.
- Prepaids and escrows: prepaid interest, first‑year homeowners insurance, property tax proration, and your initial escrow deposits for taxes and insurance.
- Property‑type fees: co‑op application and move‑in fees, possible condo or HOA admin fees, and any building document fees.
Staten Island and NYC rules that affect you
Staten Island is part of New York City (Richmond County), so both state and city rules apply.
- Mortgage recording tax (MRT): If you finance your purchase, expect a mortgage recording tax based on your loan amount. Review the city’s overview on the NYC Mortgage Recording Tax, and see state guidance on the New York mortgage recording tax. Your lender or title company will calculate your exact amount.
- Transfer taxes: NYC imposes a Real Property Transfer Tax (RPTT) on many transfers. Sellers often pay in our area, but confirm in your contract. See the city’s Real Property Transfer Tax overview and New York State’s real estate transfer tax guidance.
- “Mansion tax” at $1M+: For residential purchases at or above $1,000,000, buyers commonly pay a 1% mansion tax on the purchase price. Verify current thresholds with your attorney using New York State guidance on transfer taxes.
Typical cost ranges you can expect
Actual fees vary by lender, title company, property type, and price. Here are practical, experience‑based ranges to help you plan:
A) Lender fees and loan items
- Loan origination or processing: 0% to 1% of the loan amount (some lenders charge flat fees).
- Appraisal: typically $400 to $1,200.
- Credit report, flood cert, automated underwriting: often $20 to $150 each.
- Application/processing fees: $250 to $1,000.
- Mortgage recording tax and recording fees: material line item for financed purchases, calculated from the mortgage amount based on city and state rules.
B) Title, settlement, and attorney
- Title insurance (owner and lender policies): can run from roughly 0.2% to 1%+ of price, depending on schedules and loan size.
- Title search/commitment/closing fee: $300 to $1,200.
- Settlement or closing agent fee (if separate): $300 to $700.
- Buyer’s attorney: commonly $1,500 to $4,000 in the NYC metro market.
C) Taxes and government charges
- State and city transfer taxes: often seller‑paid in NYC, but confirm in your contract.
- Mansion tax: 1% on $1,000,000+ purchases, typically buyer‑paid.
- Deed and mortgage recording fees: usually a few hundred dollars, varies by documents recorded.
D) Prepaids and escrows
- Prepaid mortgage interest: covers interest from funding date to first payment date.
- Homeowners insurance: roughly $600 to $3,000+ for the first year (condos often lower than single‑family homes).
- Property tax proration and initial escrow deposits: lenders often collect 2 to 6 months of taxes and insurance upfront.
E) Property‑type and local admin fees
- Co‑op application or board review: often $100 to $500.
- Co‑op move‑in/move‑out or building admin: often $100 to $500+.
- Condo or HOA document fees or estoppel letters: often $100 to $400.
How much cash to close besides your down payment
For many NYC buyers using a mortgage, total buyer closing costs often run 2% to 5% of the purchase price, depending on mortgage taxes, price point, and escrows. Cash buyers avoid mortgage‑related fees and taxes, so 1% to 3% is a common ballpark for cash purchases. Your final figure depends on your loan amount, property type, and closing date.
Example budgets for Staten Island homes
These are illustrative examples to show how costs stack up. They are not quotes. Ask your lender, title company, and attorney for written, itemized estimates.
$400,000 purchase (80% loan):
- Lender fees and appraisal: $1,000 to $4,000
- Title and closing: $800 to $2,500
- Mortgage recording and recording fees: $3,000 to $6,000
- Prepaids and escrows: $3,000 to $8,000
- Attorney: $1,500 to $3,000
- Estimated buyer cash to close (excluding down payment): about $9,000 to $23,000 (≈2.25% to 5.75%)
$800,000 purchase (80% loan):
- Lender fees and appraisal: $1,500 to $5,500
- Title and closing: $1,500 to $4,500
- Mortgage recording and transfer‑related: $5,000 to $12,000
- Prepaids and escrows: $5,500 to $15,000
- Attorney: $1,500 to $4,000
- Estimated buyer cash to close (excluding down payment): about $15,000 to $41,000 (≈1.9% to 5.1%)
$1,500,000 purchase (80% loan):
- Note: Purchases at $1M+ commonly add a 1% mansion tax. Mortgage recording tax and escrows also scale up.
- Lender fees and appraisal: $2,000 to $8,000
- Title and closing: $3,000 to $9,000
- Taxes and mansion tax: often tens of thousands (mansion tax at 1% would be $15,000)
- Prepaids and escrows: $10,000 to $30,000
- Attorney: $2,000 to $6,000
- Estimated buyer cash to close (excluding down payment): often more than $60,000
Co‑op vs condo vs house costs
- Co‑ops: You buy shares and a proprietary lease, not a deed. Board application and move‑in fees are common. Title insurance is handled differently than fee‑simple property. If you finance, you still pay lender fees and mortgage‑related charges.
- Condos and 1–3 family homes: These follow fee‑simple ownership. Expect title insurance, recording fees, mortgage recording tax if you finance, and typical prepaids and escrows.
- Who pays what: In many NYC transactions, sellers pay certain transfer taxes, while buyers pay mortgage‑related taxes and lender/title costs. Confirm the split in your contract and with your attorney.
Common surprises to plan for
- Mansion tax at $1,000,000+: A 1% buyer‑paid tax on the full purchase price. Ask your attorney for a written calculation well before closing.
- Large initial escrow deposits: Lenders often collect several months of property taxes and insurance upfront.
- Co‑op building fees: Application, move‑in, and building admin fees vary by building. Confirm early.
- Timing of prepaid interest: Closing late in the month usually reduces prepaid interest. Closing early increases it.
How to get an accurate estimate
- Ask your lender for a Loan Estimate within 3 business days of application, then compare it to your final Closing Disclosure. The CFPB explains both the Loan Estimate and the Closing Disclosure.
- Request itemized estimates from your title company and your real estate attorney as soon as you go under contract.
- Confirm any building fees (co‑op board packages, condo or HOA charges) and who pays them in your deal.
- If your price is near or above $1M, ask for a written mansion tax calculation and how it interacts with other taxes.
Quick buyer checklist
Gather these details so your team can prepare a tailored closing‑cost estimate:
- Property address and type (co‑op, condo, 1–3 family house)
- Purchase price and planned down payment or loan amount
- Lender name and loan program (FHA, VA, or conventional)
- Desired closing date
- Any expected seller credits
- Attorney and title company contacts (if selected)
Ways to reduce surprises
- Compare lenders. Shop offers and fee structures, and review Loan Estimates side by side.
- Ask early for itemized quotes. Get written estimates from your lender, title company, and attorney.
- Discuss seller credits. Negotiate concessions in your contract where appropriate.
- Confirm escrows. Ask how many months of taxes and insurance your lender will collect at closing.
- Keep records. Save estimates and request explanations for any fee you do not recognize.
- Use a local attorney. NYC and Staten Island rules are particular. A local attorney helps keep fees predictable.
Ready to move forward?
If you want a clear, tailored estimate for your Staten Island purchase, let’s talk. I’ll help you understand each line item and coordinate with your lender and attorney so there are no surprises at the table. Hablo Español. Schedule a friendly, no‑pressure consult with Unknown Company to get started today.
FAQs
What is the New York “mansion tax” for Staten Island buyers?
- For many residential purchases at or above $1,000,000, buyers commonly pay a 1% tax on the full purchase price, and you should verify current thresholds with your attorney using New York State’s official guidance.
How do mortgage recording taxes work in NYC and Staten Island?
- If you finance your purchase, city and state mortgage recording taxes apply based on your loan amount; your lender or title company will calculate the exact rate using NYC and NYS rules.
Do buyers or sellers pay NYC transfer taxes?
- In many NYC transactions, sellers pay transfer taxes, but responsibilities can vary by deal; confirm the split in your contract with your attorney.
How are co‑op closing costs different from condo or house purchases?
- Co‑ops often add board application and move‑in fees, title practices differ from fee‑simple property, and financing still involves lender fees and mortgage‑related charges.
What is included in prepaids and escrow deposits at closing?
- Prepaid interest, first‑year homeowners insurance, property tax proration, and initial escrow deposits for taxes and insurance are typical.
When will I know my final cash to close amount?
- Your lender provides a Loan Estimate early and a Closing Disclosure before closing; review both with your attorney and title company to confirm your final total.
