Closing Costs For Yonkers Buyers Explained

Buying a home in Yonkers comes with more than a down payment. Closing costs can surprise you if you are not ready, especially with New York’s unique taxes and local practices. You want clear numbers, simple examples, and smart ways to keep costs in check. In this guide, you will learn what typical Yonkers buyers pay, how to budget, and where to verify final figures so you can close with confidence. Let’s dive in.

What closing costs include

Closing costs are the fees and prepayments due at closing in addition to your down payment. They cover government taxes and recording, lender charges, title services, inspections, and prepaid items like insurance and property taxes.

Who pays what can be negotiated in New York. Your contract and local custom decide the final split. Always review your purchase contract and confirm with your attorney, lender, and the title company.

Yonkers buyer costs at a glance

Here are the common line items you will see as a buyer in Yonkers and the Westchester area:

• Taxes and government fees
• Lender fees and appraisal
• Title insurance and settlement services
• Inspections and reports
• Prepaids and prorations
• Attorney fees

Each deal is different, but this list will help you spot the major buckets.

New York taxes that matter

New York State has several taxes and fees that can materially affect your total.

State transfer tax

New York State imposes a real estate transfer tax on most home sales. Who pays can be negotiated. Confirm the allocation in your contract and the exact amount with your title company.

Mansion tax

If the purchase price is 1,000,000 dollars or more, New York State charges a 1 percent mansion tax. Buyers and sellers can negotiate who pays, but it must be addressed in the contract. This single line item can be a large portion of your total at higher price points.

Mortgage recording tax

If you are financing your purchase, New York charges a mortgage recording tax when the mortgage is recorded. The rate depends on the mortgage amount and other factors. Rates outside New York City can differ from NYC. Ask your lender and the title company for the Westchester-specific calculation for your loan.

Recording fees

The county clerk charges fixed fees to record the deed and mortgage. These are typically modest. Your title company will include them in your estimate.

Lender fees you may see

Your lender will provide a Loan Estimate early and a final Closing Disclosure later. Common items include:

• Origination or points if you choose to buy down your rate
• Application, underwriting, and processing fees
• Credit report and document prep fees
• Appraisal fee required by the lender

Some lenders offer no-closing-cost options in exchange for a higher rate. Ask how that affects your long-term costs.

Title and settlement services

Most lenders require a lender’s title insurance policy that protects the lender’s interest. An owner’s title insurance policy protects your ownership and is often recommended. In many New York transactions, the seller sometimes pays for the owner’s policy, but this is not universal. Confirm local custom and negotiate in your contract.

You will also see charges for the title search and exam, closing or settlement fees, and small admin items like courier or closing protection letters.

Inspections and reports

Most buyers pay for a general home inspection. Depending on the property and lender requirements, you may also need:

• Pest or wood-destroying insect inspection
• Survey
• Environmental or specialized inspections when appropriate

Prepaids and prorations in Yonkers

Prepaids are not fees, but advance payments that set up your escrow and cover time-based items.

• Property tax proration. You typically reimburse the seller for the portion of taxes they prepaid that covers days after your closing. Yonkers and Westchester tax schedules determine the calculation.
• Homeowner’s insurance. Lenders often require the first year’s premium to be paid or escrowed at closing.
• HOA or condo fees. Common charges and any move-in fees are usually prorated as of closing.

For accuracy, ask for the current tax bill and have the title company and your attorney confirm the proration on your Closing Disclosure.

How much to budget

As a rule of thumb, buyers often budget roughly 2 percent to 5 percent of the purchase price for closing costs, not including the down payment. Your percentage depends on your loan size, tax items, and what you negotiate.

Example: 500,000 dollar purchase

Illustrative total around 3 percent equals about 15,000 dollars. A possible breakdown:

• Lender fees and appraisal: 2,000 to 5,000 dollars
• Mortgage recording tax: 2,500 to 5,000 dollars
• Title and settlement, including lender’s title insurance: 1,500 to 3,500 dollars
• Prepaids and escrows: 2,000 to 5,000 dollars
• Inspections and attorney: 500 to 2,000 dollars

Example: 1,200,000 dollar purchase

Add the mansion tax at 1 percent, which is 12,000 dollars. The other categories will be similar in type, but many will be higher in dollar amount due to the larger purchase and potential loan size.

These are examples only. Always get written estimates from your lender and the title company for your specific property.

Who pays what in Yonkers

Payment responsibilities are set by your contract and local custom.

• Owner’s title insurance. Negotiable in New York. Ask what is typical in Yonkers and aim to settle this in your offer.
• Transfer taxes. Allocations can vary, so confirm with your attorney and title company.
• Broker commissions. These are usually paid by the seller, but read the listing and purchase documents.

Clear allocation up front helps you avoid last-minute surprises.

Ways to reduce or manage costs

You have options to keep closing costs in line.

• Shop multiple lenders and compare Loan Estimates. Review APR and the fee breakdown, not just the rate.
• Negotiate seller concessions or a closing credit in the purchase contract.
• Ask which title and settlement fees are negotiable. Some are set by statute and cannot change.
• Consider rolling certain costs into the loan if allowed. Weigh the long-term interest cost.
• Ask about first-time buyer and down payment or closing cost assistance through state or county programs.
• Request a detailed estimate early from the title company so you can plan.

Timeline and your Closing Disclosure

Your lender must provide the Closing Disclosure at least three business days before closing. Review it line by line and compare it to your earlier Loan Estimate. Costs can change due to updates to taxes, prorations, or loan terms, so raise questions as soon as you receive the disclosure.

What to gather early

Being prepared helps you move faster and spot errors.

• Signed purchase contract with any agreed concessions
• Loan Estimate from your lender
• The most recent property tax bill and assessment details
• HOA or condo financials and fee schedules if applicable
• Title commitment or preliminary title report when available

Where to verify final figures

Your numbers should come from the professionals handling your transaction.

• Your lender or mortgage officer for loan fees and mortgage recording tax estimates
• The title or settlement company for a detailed closing cost estimate
• Your attorney for allocation questions and Closing Disclosure review
• New York State and Westchester County officials for rules and recording practices
• City of Yonkers sources for property tax schedules and proration timing

Always confirm specific dollar amounts with your lender, title company, and attorney before you sign.

Local guidance you can trust

Buying in Yonkers benefits from local knowledge and strong advocacy. If you want clear estimates, help negotiating seller credits, and a calm, step-by-step process from offer to keys, our neighborhood-focused team is here to help. Reach out to The Advanced Home Team to talk through your budget and timeline.

FAQs

How much are closing costs for a Yonkers buyer?

• Many buyers budget about 2 percent to 5 percent of the purchase price, with the exact amount driven by your loan, taxes, and negotiated items.

What is the New York mansion tax and will I pay it?

• If your purchase price is 1,000,000 dollars or more, a 1 percent mansion tax applies, and buyers and sellers can negotiate who pays in the contract.

What is the mortgage recording tax in Westchester?

• It is a state tax on recording a mortgage; the rate depends on the mortgage amount and location, so ask your lender and title company for the Westchester-specific calculation.

Who pays transfer taxes in Yonkers deals?

• It depends on your contract and local practice; confirm with your attorney and title company which party is responsible before you finalize your offer.

When will I see my final closing numbers?

• Your lender must deliver the Closing Disclosure at least three business days before closing, giving you time to review and ask questions.

Can I ask the seller to cover some of my closing costs?

• Yes, you can negotiate seller concessions or credits, but they must be written into the purchase contract and approved by your lender.