NY & FL closing cost calculator
Commercial closing costs run roughly 3–5% of the loan amount, driven mostly by state-specific taxes: New York City's 2.8% mortgage recording tax on commercial loans of $500,000+ (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 $70,000
Full mortgage recording tax would be $112,000 — assigning the existing mortgage taxes only the new money, bringing it to $42,000.
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 |
|---|---|---|
| NYC mortgage recording tax | 2.8% ≥$500K / 2.05% below | Loan amount (new money only under CEMA), NY Tax Law §253 + NYC local tax |
| NY county recording tax (outside NYC) | ~0.75–1.3% | Loan amount — varies by county (no NYC local component) |
| NYC transfer tax (purchase) | 2.625% >$500K / 1.425% below | Sale price, commercial |
| NY State transfer tax (purchase) | 0.4% (0.65% NYC ≥$2M) | Sale price, NY Tax Law §1402 |
| 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.
Two worked examples
$10M NYC refinance with a $6M existing mortgage
Recording a fresh $10M commercial mortgage in NYC costs $280,000 in mortgage recording tax (2.8%). With a CEMA, the existing $6M mortgage is assigned to the new lender and only the $4M of new money is taxed — $112,000, saving $168,000 on that single line item. CEMA assignments add lender legal fees and a few weeks of timeline, but at this size the trade is rarely close. Full mechanics in our CEMA guide and NY mortgage recording tax breakdown.
$10M Florida purchase with a $7M mortgage
Florida taxes both documents: mortgage doc stamps of $24,500 ($0.35 per $100 of the $7M loan), intangible tax of $14,000 (0.2% of the loan), and deed doc stamps of $70,000 ($0.70 per $100 of the $10M price) — $108,500 of government taxes before any lender, title, or legal fees. Details and county nuances in our Florida doc stamps & intangible tax guide, and the full NY-vs-FL picture in commercial closing costs in NY & FL.
Frequently asked questions
How much is NY mortgage recording tax on a commercial loan?
In New York City, mortgage recording tax (MRT) on a commercial loan of $500,000 or more is 2.8% of the mortgage amount — statutory components under NY Tax Law §253 plus the NYC local tax. Below $500,000 the NYC rate is 2.05%, and counties outside NYC typically run 0.75%–1.3%. The tax applies to the full loan amount for a new mortgage, or only to 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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