Understanding NYC Closing Costs: A Complete 2026 Breakdown for Staten Island Buyers and Sellers

Whether you’re buying your first home in Great Kills or selling a two-family in St. George, closing costs are one of the most misunderstood parts of any New York City real estate transaction. I’ve sat across the table from hundreds of buyers and sellers who were surprised by the final numbers — and that’s exactly why I put together this guide.

On Staten Island, the median home sale price has climbed past the $600,000 mark in many neighborhoods. At that price point, closing costs can add up to tens of thousands of dollars for both sides of the deal. Here’s what you actually need to budget for in 2026, broken down line by line.

What Are Closing Costs?

Closing costs are the fees, taxes, and charges that buyers and sellers pay when a real estate transaction is finalized. In New York City — and that includes all five boroughs, Staten Island included — these costs are significantly higher than the national average because of city and state transfer taxes, the mortgage recording tax, and the requirement that both parties hire attorneys.

Buyers in NYC typically pay between 3% and 6% of the purchase price in closing costs. Sellers pay between 8% and 10% once you factor in agent commissions. On a $650,000 Staten Island home, that means the buyer could pay $19,500 to $39,000 and the seller could pay $52,000 to $65,000.

Want to see your exact numbers? Try our NYC Closing Cost Calculator — it breaks everything down to the dollar based on your specific purchase price and loan amount.

Buyer Closing Costs on Staten Island

If you’re purchasing a home on Staten Island in 2026, here are the costs you need to plan for:

Mortgage Recording Tax (MRT)

This is the biggest closing cost most NYC buyers face, and it catches a lot of first-timers off guard. The combined city and state mortgage recording tax is 1.8% on loans under $500,000 and 1.925% on loans of $500,000 or more. On a $520,000 mortgage, that’s approximately $10,010 due at closing. First-time buyers purchasing a primary residence may qualify for a partial exemption on the first $25,000 of the mortgage — but the savings are modest compared to the overall tax.

Mansion Tax

If your purchase price hits $1 million or above, New York’s progressive mansion tax kicks in. The rate starts at 1% for purchases between $1 million and $2 million and scales up to 3.9% for properties at $25 million or more. Most Staten Island buyers won’t encounter this, but if you’re looking at Todt Hill, Grymes Hill, or some of the waterfront properties in Great Kills and Eltingville, it’s worth knowing the threshold.

Attorney Fees

New York State requires an attorney for every residential real estate transaction. Expect to pay between $1,500 and $4,000 for a qualified real estate attorney on Staten Island. This is non-negotiable and well worth it — your attorney reviews the contract, handles title issues, and represents you at the closing table.

Title Insurance

A lender’s title insurance policy is required by your mortgage company, and most buyers also purchase an owner’s policy. Budget $1,500 to $2,500 depending on the purchase price. Title insurance protects you against any undiscovered liens, ownership disputes, or title defects.

Loan Origination and Bank Fees

Your lender will charge an origination fee (typically around 1% of the loan amount), plus appraisal fees ($500–$700), credit report fees, and processing charges. These can add another $3,000 to $6,000 to your closing bill.

Prepaid Items

At closing, you’ll also prepay your homeowner’s insurance premium, a portion of your property taxes, and per-diem mortgage interest. Staten Island’s effective property tax rate sits around 0.88%, which is actually one of the lowest in the NYC metro area. On a $650,000 home, that’s roughly $5,720 per year — significantly less than what you’d pay in northern New Jersey or Westchester.

Wondering if buying makes more financial sense than continuing to rent? Our Rent vs. Buy Calculator can help you compare the numbers side by side.

Seller Closing Costs on Staten Island

Sellers have their own set of costs, and they’re typically higher than the buyer’s side. Here’s the breakdown:

Real Estate Agent Commission

The largest single expense for most sellers. Total commission in the NYC metro area typically ranges from 4% to 6% of the sale price. On a $650,000 sale, that’s $26,000 to $39,000. A skilled agent who prices your home correctly, markets it aggressively, and negotiates effectively will more than earn that fee — I’ve helped sellers net tens of thousands more than they expected by positioning their homes strategically. Check out our guide on selling and moving on Staten Island for more details.

NYC Transfer Tax

The seller customarily pays the New York City transfer tax: 1% on sales under $500,000 and 1.425% on sales of $500,000 or more. On a $650,000 sale, that’s $9,262.50.

NYS Transfer Tax

On top of the city tax, there’s the New York State transfer tax of 0.4% on sales under $3 million (and 0.65% on sales of $3 million or more). On a $650,000 sale, that’s $2,600.

Attorney Fees

Sellers also need their own attorney. Budget $1,500 to $3,500 for seller-side legal representation.

Payoff and Recording Costs

If you have an existing mortgage, you’ll pay a satisfaction and recording fee (usually a few hundred dollars), plus any remaining balance on your loan. Your attorney will coordinate the payoff with your lender.

Thinking about downsizing and want to see how much equity you could unlock? Our Downsizing Equity Calculator shows you exactly what you’ll walk away with after all costs.

Sample Closing Cost Breakdown: $650,000 Staten Island Home

These are estimates for a typical single-family home transaction on Staten Island. Your actual costs will vary based on your loan amount, lender, and specific property details. Run your own numbers through our calculator to get a personalized breakdown.

How to Reduce Your Closing Costs

There are a few strategies that can meaningfully lower what you pay at closing. First, if you’re a first-time buyer, explore NYC first-time buyer grants and assistance programs — some programs cover a portion of closing costs or provide down payment help that frees up cash for fees. Second, shop your mortgage with at least three lenders and compare Loan Estimates line by line. Third, ask the seller for a closing cost credit during negotiations — in a balanced market, many sellers will agree to contribute 2% to 3% toward the buyer’s costs to keep a deal together.

On the seller side, the biggest lever is pricing your home correctly from day one. Overpriced homes sit on the market, accumulate carrying costs, and eventually sell for less. A well-priced listing with strong marketing can actually reduce your total transaction costs by getting the deal done faster and at full value.

Frequently Asked Questions

Who pays closing costs in NYC — the buyer or the seller?

Both sides pay their own closing costs. Buyers cover mortgage-related fees, title insurance, and attorney fees. Sellers cover transfer taxes, agent commissions, and their own attorney fees. In total, sellers typically pay more because of the transfer taxes and commissions.

Are closing costs higher on Staten Island than in other boroughs?

The tax rates are identical across all five NYC boroughs. However, because Staten Island home prices are generally lower than Manhattan or Brooklyn, your dollar amount in closing costs is often lower — even though the percentage is the same. This is one reason Staten Island remains one of the most affordable places to buy in NYC.

Can I roll closing costs into my mortgage?

Some lenders offer “no-closing-cost” mortgages where fees are rolled into the loan balance or offset by a higher interest rate. This reduces your upfront cash requirement but increases your total cost over time. It’s worth running the numbers both ways — our Home Affordability Calculator can help you see how different loan structures affect your monthly payment.