How Much Cash Do You Need to Buy a NYC Apartment in 2026?

A NYC buyer purchasing a $600,000 apartment may need anywhere from $35,000 to $160,000 in cash depending on property type, loan type, and assistance.

In my 25+ years selling NYC apartments, I work from three numbers: down payment, closing costs, and cash left after closing.

Without Assistance: Planning Ranges

The 20% Down Case at $600,000

With 20% down, the down payment is $120,000 and the loan is $480,000. What changes by property type is the closing stack. The NYC mortgage recording tax is 1.8% on loans under $500,000, which is $8,640 here, and co-op share loans are exempt from it. Co-ops also skip title insurance and use a lien search of about $350 to $450 instead.

Add the $120,000 down payment and a $600,000 co-op needs roughly $126,000 to $135,000 at the table, while a condo needs roughly $138,000 to $152,000. Reserves and the lender's post-closing liquidity requirement come on top. Fee ranges are typical, not quotes, and the bank's attorney bills separately from your own. The closing costs guide explains each line.

Two Levers That Move the Number

Paying cash. A cash buyer drops the lender line and the mortgage recording tax. On a condo, skipping an $800,000 loan saves $15,400 in tax alone.

Crossing $1 million. The mansion tax is a buyer-paid tax of 1% on the entire price for purchases from $1 million to $2 million. A $999,999 closing owes nothing, and a $1,000,000 closing owes $10,000. For a $1,200,000 condo with 80% financing, closing costs run roughly $42,000 to $51,000, including $12,000 of mansion tax and $18,480 of recording tax on the $960,000 loan.

Active NYC Listings

Currently available properties across NYC

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Active

$825,000

359 Fort Washington Avenue #6B

Hudson Heights

3 bd 1 ba 1,320 sf

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Co-op · 1923 RLS #RLS20119402

Active

$6,999,950

43 W 64th Street #7A

Upper West Side

4 bd 4 ba 3,667 sf

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Condo · 1911 RLS #RLS20107061

Listing information provided courtesy of the Real Estate Board of New York's Residential Listing Service (RLS). Information is deemed reliable but not guaranteed. Sale listings verified. ©2026 REBNY. RLS data displayed by Keller Williams NYC.

With Assistance: What Changes

HomeFirst can reduce the down payment or closing cost burden by up to $100,000 for qualified buyers, but it still requires 3% of the price ($18,000 on $600,000) from the buyer's own funds. SONYMA DPAL can add up to $15,000 when paired with a SONYMA mortgage. SONYMA itself asks for 1% of value in cash on a condo ($6,000 here) and 3% on a co-op ($18,000), and any loan with less than 20% down carries mortgage insurance. Profession, union, and lender benefits can reduce specific line items once confirmed.

Take a $600,000 co-op. HomeFirst lends the lesser of 20% of the price ($120,000) or $100,000, so the ceiling is $100,000. The buyer's own-funds floor is 3%, or $18,000, plus HomeFirst's $1,500 application fee and the cost of a housing inspection. Gifts can supply no more than half of that contribution, and the lender sets the final number, so $18,000 is a floor.

Property Type Changes the Answer

Co-ops carry lower closing costs but more board documentation, financed condos carry higher closing costs, and houses add inspections, title, and insurance. See the co-op vs. condo guide and the NYC buyer guide.