NY & FL closing cost calculator
Commercial closing costs run roughly 3–5% of the loan amount, driven mostly by state-specific taxes: New York's 2.05% mortgage recording tax (reducible via CEMA on refinances) and Florida's documentary stamp plus intangible tax (~0.55% combined). Enter your deal details to get an itemized estimate.
CEMA saves $51,250
Full mortgage recording tax would be $82,000 — assigning the existing mortgage taxes only the new money, bringing it to $30,750.
NY vs. FL: the state-specific taxes
Government taxes and fees are the single biggest driver of the gap between a NY and FL closing — everything else (lender fees, title, third-party reports) is roughly comparable across states.
| Tax | Rate | Applies to |
|---|---|---|
| NY mortgage recording tax | 2.05% | Loan amount (new money only under CEMA), NY Tax Law §253 |
| NY transfer tax (purchase) | 1.425% | Sale price, commercial >$500K |
| FL documentary stamp (mortgage) | $0.35/$100 | Loan amount, Fla. Stat. §201.08 |
| FL intangible tax | 0.2% | Loan amount |
| FL documentary stamp (deed) | $0.70/$100 | Sale price, purchase only |
On a NY refinance with an existing mortgage, always ask whether a CEMA is available — assigning rather than satisfying the old mortgage can save the recording tax on the entire existing balance, not just the new money borrowed.
Frequently asked questions
How much is NY mortgage recording tax on a commercial loan?
New York's mortgage recording tax (MRT) is 2.05% of the mortgage amount for commercial loans over $500,000, under NY Tax Law §253. It's paid on the full loan amount for a new mortgage, or only on the new money above an assigned existing balance under a CEMA.
What is a CEMA and how much does it save?
A CEMA (Consolidation, Extension, and Modification Agreement) lets a refinancing borrower assign — rather than satisfy — an existing NY mortgage, so recording tax applies only to the new money borrowed above the assigned balance instead of the full new loan amount. On a large refinance this can save tens of thousands of dollars.
What is Florida's documentary stamp tax?
Florida charges documentary stamp tax on both the mortgage ($0.35 per $100 of the loan, under Fla. Stat. §201.08) and, on a purchase, the deed ($0.70 per $100 of the sale price in most counties). Unlike New York, Florida has no separate mortgage recording tax structure.
What is Florida's intangible tax?
Florida also levies a nonrecurring intangible tax of 0.2% ($0.002 per $1) of the mortgage amount at recording, in addition to documentary stamp tax. Together, doc stamps and intangible tax run roughly 0.55% of the loan amount on a Florida commercial mortgage.
What closing costs apply outside NY and Florida?
Recording and transfer taxes vary widely by state and county. This calculator applies a generic 0.5% estimate for other states — always confirm the exact rate with local title counsel, since some states and municipalities have no mortgage tax at all while others charge more than NY or FL.
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