How much cash will you really need to close on a home in Mamaroneck? If you are comparing budgets from the city to Westchester, the numbers can feel murky. You want a clear picture before you write an offer so you can move with confidence. In this guide, you will learn what buyers typically pay, what changes by property type, how to plan a realistic range for your budget, and a simple worksheet to estimate your cash-to-close. Let’s dive in.
Why Mamaroneck closing costs feel different
Mamaroneck sits in Westchester County, where purchase prices and property taxes are often higher than statewide averages. That affects percentage-based costs like title insurance and certain taxes. Custom and negotiation also play a role. Some fees are fixed by law, while others can be negotiated through seller credits.
Your closing costs also depend on the home type:
- Single-family homes: conventional deed recording, title insurance, possible mortgage recording tax if you finance, and standard lender fees.
- Condominiums: similar to single-family, plus potential condo association application or transfer fees and common-charge proration. You typically start your first year of condo insurance at closing.
- Co-ops: you purchase shares rather than real property. Expect a board application, possible move-in deposits, co-op or sponsor flip taxes, and different title or recording mechanics. Co-ops can add unique legal review and bank packaging fees.
What buyers usually pay at closing
While every transaction is unique, these are the common buyer-paid items in Mamaroneck. Your lender, attorney, and title company will give exact figures for your situation.
Lender and loan-related costs
- Loan application and origination fees
- Mortgage points if you choose to buy down your rate
- Appraisal fee
- Credit report, underwriting, and processing fees
Typical ranges to plan for:
- Lender fees: about 0.2% to 1.5% of the loan amount or a flat fee
- Appraisal: often a few hundred to low four figures, depending on complexity
Title, settlement, and legal
- Title search and title insurance for you and your lender
- ALTA endorsements and any required survey or search updates
- Escrow or settlement fee
- Buyer’s attorney fee
- Recording fees for the mortgage and other documents
What to expect in planning terms:
- Title insurance premiums are price-based and follow state rate tables
- Settlement fees typically sit in the low hundreds
- Attorney fees often land in the low thousands for a routine closing
Taxes and government charges
- Mortgage recording tax if you are financing
- Prepaid interest from your closing date to the end of the month
These amounts vary by loan size, county rules, and your closing date. Ask your lender for a precise estimate early in the process.
Prepaids and escrows
- First year homeowners insurance premium
- Property tax prorations and escrow setup, depending on billing cycles and lender requirements
- Initial mortgage insurance or impound funding if applicable
In Westchester, property tax levels can make this line a meaningful part of cash-to-close.
Building and community fees
- Condo or HOA application, transfer, move-in, or estoppel fees
- Co-op application and move-in fees
- Possible co-op or sponsor flip tax, depending on building bylaws
Items commonly covered by sellers
- New York State and county transfer taxes are often seller-paid by local custom, but your contract can allocate these differently
- Real estate agent commissions are typically paid by the seller in Westchester
How much to budget in Mamaroneck
A useful planning rule is to set aside about 3% to 6% of the purchase price for buyer closing costs and first escrows. That does not include your down payment. The actual number moves with three variables: your financing, the property type, and statutory taxes or local fees.
Here are two illustrative scenarios to show the math. Your numbers will come from your lender and title company.
Purchase price 700,000:
- Estimated buyer closing cost share at 3% → 21,000
- Example down payment at 20% → 140,000
- Estimated total cash-to-close → about 161,000
Purchase price 1,000,000:
- Estimated buyer closing cost share at 3.5% → 35,000
- Example down payment at 20% → 200,000
- Estimated total cash-to-close → about 235,000
These are planning examples. Title premiums, mortgage recording tax, and prepaids vary and should be confirmed with quotes.
Westchester and New York taxes to confirm
Some costs are fixed by law and should be verified at the start of your search.
Mortgage recording tax
If you finance, New York and Westchester charge a tax when your mortgage is recorded. This can be one of the larger single items for buyers with loans. Ask your lender for a current estimate based on your budget and loan type.
Mansion tax
New York State imposes a mansion tax on certain higher-priced residential transactions. When triggered, buyers typically pay this tax at closing. Confirm whether your price point falls within the current threshold and what rate applies.
State and county transfer taxes
A statewide real estate transfer tax applies to property conveyances. Local practice often has the seller pay it, but contracts can shift this. Westchester may also have county-level charges. Your attorney will confirm how these are allocated in your deal.
Local municipality charges
Some villages or towns have local fees, water or sewer adjustments, or transfer notifications. Check with the Town or Village of Mamaroneck and the Westchester County Clerk for any required certifications or charges.
Co-op and condo specifics
Expect building application fees, move-in deposits, and possible flip taxes. The bylaws may assign who pays. Your agent and attorney will help you request the fee schedule and customary allocations before you sign a contract.
Step-by-step: estimate cash-to-close before you offer
Use this checklist to build a realistic number for your budget.
- Get a preapproval and a Loan Estimate from your lender. This outlines lender fees, prepaids, and a mortgage recording tax estimate.
- Request a title and settlement quote. Ask a local title company or your attorney for owner and lender title insurance and settlement fees.
- Confirm property type and building fees. If a condo or co-op, ask for the application, move-in, and transfer fee schedule and whether a flip tax applies.
- Ask your attorney for their fee and expected recording charges. New York is an attorney state, so plan this line early.
- Review property tax history and likely prorations. Your lender can also explain how many months of taxes they will escrow at closing.
- Estimate prepaids. Include your first-year homeowners insurance premium, prepaid interest from closing to month-end, and any mortgage insurance setup.
- Clarify seller-paid items and concessions. Confirm who will pay state or county transfer taxes and whether a seller credit is on the table.
- Compare totals to city expectations. If you are moving from NYC, note that Westchester property taxes and the county mortgage recording tax can make the dollar amounts higher than you might expect.
Sample cash-to-close worksheet
Use this simple worksheet to draft your estimate. Replace the example notes with real quotes from your lender, attorney, and title company.
| Line item | Source for number | Your estimate |
|---|---|---|
| Purchase price | Accepted offer | |
| Down payment | Loan program percentage | |
| Lender fees (origination, processing, underwriting) | Loan Estimate | |
| Appraisal | Loan Estimate | |
| Credit report and application | Loan Estimate | |
| Mortgage points (if any) | Your choice on rate buy-down | |
| Title insurance and search | Title quote | |
| Settlement or escrow fee | Title quote | |
| Attorney fee | Attorney estimate | |
| Recording fees | Attorney estimate | |
| Mortgage recording tax | Loan Estimate or attorney | |
| Prepaid interest | Lender estimate based on closing date | |
| First year homeowners insurance | Insurance quote | |
| Property tax escrow and prorations | Lender and tax history | |
| Condo or co-op fees, move-in, flip tax | Building management | |
| Seller credits (subtract) | Contract terms | |
| Total estimated closing costs | Sum of lines above minus credits | |
| Total cash-to-close | Down payment plus total closing costs |
Tip: After you plug in your numbers, sanity check against the planning range of 3% to 6% of price for buyer closing costs and first escrows. If you are far outside the range, ask your lender and attorney to explain the differences.
Ways to manage or reduce your closing costs
- Negotiate a seller credit toward closing costs as part of your offer
- Shop multiple lenders for competitive fees and ask about lender credits or fee waivers
- Compare title quotes from a few local providers, since administrative fees can vary
- Decide if paying mortgage points fits your time horizon and cash capacity
- For co-ops and condos, confirm all building fees and who customarily pays, then negotiate allocations in the contract stage
What changes by property type
- Single-family: You will see standard title insurance, deed recording, and mortgage recording tax if you finance.
- Condo: Add building application or transfer fees and prorated common charges. Insurance needs are different, so confirm what your homeowners policy must cover.
- Co-op: Expect a board package, application and move-in fees, and possible flip tax based on building rules. Title and recording mechanics differ because you buy shares.
How NYC-to-Mamaroneck buyers should plan
If you are relocating from Manhattan or Brooklyn, your closing cost mix will look different in Westchester. Pay close attention to the county mortgage recording tax if you plan to finance, and plan for higher property tax escrows. Your lender and attorney can help you translate your city expectations to suburban norms.
When you are ready to tailor this plan to a specific listing, connect early with your lender, attorney, and a local title company. You will make stronger, cleaner offers when you understand your cash-to-close with confidence.
Ready to build your Mamaroneck plan and run real numbers on your short list of homes? Reach out to Elana Zimmerman for calm, data-informed guidance from search to close.
FAQs
How much are buyer closing costs in Mamaroneck for a financed purchase?
- Plan for about 3% to 6% of the purchase price for buyer closing costs and first escrows, not including your down payment. Your actual figure depends on financing, property type, and statutory taxes.
What closing costs do Mamaroneck cash buyers still pay?
- Cash buyers avoid lender and mortgage recording tax charges but still pay title insurance, attorney, settlement, recording, prepaids like insurance and tax prorations, and any building-related fees.
Who pays New York transfer taxes in Westchester closings?
- Local custom often has the seller pay transfer taxes, but your contract can reallocate them. Confirm with your attorney before you sign.
Do co-ops in Mamaroneck have different closing costs than condos?
- Yes. Co-ops involve share transfers with board applications, possible move-in deposits, and potential flip taxes. Condos resemble single-family closings but can add association application or transfer fees.
What is the mortgage recording tax and does it apply to co-ops?
- The mortgage recording tax is charged when a mortgage is recorded in New York and Westchester. It applies to financed real property transactions, so confirm applicability and amount with your lender and attorney based on the property type.
What is the New York State mansion tax and who pays it?
- The mansion tax applies to certain higher-priced residential transactions under New York law and is typically paid by the buyer when triggered. Ask your attorney whether your price point meets current thresholds and what rate applies.
