FinanceCalc

New York Mortgage Calculator

Calculate your New York mortgage payment with accurate NY property tax rates. See median home prices and closing costs for New York.

Loan Details

?The purchase price of the home you're considering buying.
?The amount you plan to pay upfront when purchasing the home.
?The annual interest rate on your mortgage loan.
?The length of your mortgage in years. Common terms are 15 or 30 years.
?The annual property tax rate as a percentage of home value.
?Annual homeowners insurance premium.
?Monthly homeowners association (HOA) fees, if applicable.
End of inputs

Results

Monthly Payment
$3,022.10

Total / month

Loan Amount
$345,000.00

After down payment

Total Interest
$440,032.34

Over 30 years

Monthly Payment Breakdown
Amortization Schedule
Payment Schedule
MonthPrincipalInterestBalance

360 months · Showing 0 rows

Key Insights
Over the life of this loan you'll pay $440,032.34 in interest — more than the principal itself. A shorter loan term or biweekly payments could dramatically reduce this cost.
Since your down payment is below 20%, you'll pay Private Mortgage Insurance (PMI) of about $158.13/month. Once your loan-to-value ratio reaches 80%, you can request to have PMI removed.
Making one extra payment per year (about $181.72/month) could save approximately $99,945.54 in interest and pay off your loan 5.8 years earlier.
Your down payment of 18.82% is moderate. Reaching 20% would eliminate PMI and reduce your monthly housing costs by $158.13/month.
Your interest rate of 6.50% is in line with recent market averages. Shopping around with at least three lenders could still save you thousands over the life of the loan.
PMI required: Your down payment is 18.82% of the home price (below 20%). Estimated PMI cost: $158.13/month.

New York Housing Facts

Median Home Price
$425,000
Average Property Tax Rate
1.60%
Annual Tax on Median Home
$6,800
State Income Tax
Yes (graduated, 4%-10.9%)
Homebuyer Programs
SONYMA Achieving the Dream
Property Tax Relief
STAR school tax relief

How to Use This State Mortgage Calculator

  1. 1The calculator opens pre-filled with your state's median home price and average property tax rate. Adjust the Home Price slider to match the listing you are considering.
  2. 2Set your down payment. Toggle between a dollar amount and a percentage of the home price; a 20% down payment avoids PMI entirely.
  3. 3Enter the interest rate quoted by your lender. The default reflects a recent market average, but your rate depends on your credit score, loan type, and down payment.
  4. 4Review the Property Tax Rate slider — it starts at your state's average, but your actual rate depends on your county and any homestead exemptions you qualify for.
  5. 5Add annual home insurance and monthly HOA fees if applicable, then review the monthly payment breakdown, amortization chart, and AI-powered insights.

How Your Monthly Payment Is Calculated

The monthly principal-and-interest payment uses the standard amortization formula:

M = P × [r(1+r)^n] / [(1+r)^n − 1]

Where:
- M = monthly payment (principal + interest)
- P = loan amount (home price minus down payment)
- r = monthly interest rate (annual rate ÷ 12)
- n = total number of payments (years × 12)

Your total monthly housing payment (PITI) adds monthly property tax, home insurance, HOA fees, and PMI (if your down payment is under 20%). Property tax uses the rate entered for your state applied to the home price, divided by 12.

Key Mortgage Terms

New York Mortgage FAQ

What is the median home price in New York?

The statewide median home price is about $425,000, but New York City and surrounding suburbs are far more expensive than upstate markets. This calculator uses $425,000 as the default home price so you can see a typical monthly payment in New York.

What is the average property tax rate in New York?

The average effective property tax rate in New York is about 1.60%. New York's average effective property tax rate is about 1.60%, with Long Island and Westchester among the highest in the nation. The STAR (School Tax Relief) program provides a partial exemption on primary-residence school taxes, with Enhanced STAR for seniors; New York City has its own property tax system that is generally lower for 1-3 family homes. The calculator applies 1.60% by default, but your actual rate depends on your county and assessed value.

What homebuyer assistance programs are available in New York?

The State of New York Mortgage Agency (SONYMA) offers programs like Achieving the Dream for low-interest fixed-rate mortgages, plus the Conventional Plus and FHA Plus programs with down payment assistance. Eligible first-time buyers may also use the SONYMA Closing Cost Assistance Loan.

Does New York offer a homestead exemption or property tax relief?

New York's average effective property tax rate is about 1.60%, with Long Island and Westchester among the highest in the nation. The STAR (School Tax Relief) program provides a partial exemption on primary-residence school taxes, with Enhanced STAR for seniors; New York City has its own property tax system that is generally lower for 1-3 family homes. Check with your county assessor to confirm which exemptions apply to your property.

What closing costs should I expect when buying a home in New York?

New York closing costs are high, often 1.5%-2.5% of the price, with mortgage recording tax (varies by county) and title insurance among the largest line items; a mansion tax of 1% or more applies on sales at and above $1 million.

How does New York's tax structure affect my overall housing costs?

New York has high state (and city, for NYC residents) income taxes, so although property taxes outside NYC are steep, itemizing can help. PITI plus NYC income tax materially affects affordability. With an average property tax rate of 1.60% and a median home price near $425,000, your total monthly housing cost includes principal, interest, taxes, and insurance (PITI).

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