Mortgage Calculator — New York
Pre-filled with New York's average home price of $480000, property tax rate of 1.54%, and average insurance of $1500/year. Adjust any value below.
1 Loan Details
2 Monthly Costs (New York averages pre-filled)
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Required when down payment < 20%
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Total Interest Paid
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Total Cost
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Principal + interest
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Monthly Payment Breakdown
Balance Over Time
Rate Comparison
How your payment changes with different interest rates
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Amortization Schedule
Full month-by-month payment breakdown
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New York Housing Market
New York state has extremely varied housing markets. NYC and its suburbs command prices 3–5× the state median. Upstate New York — Buffalo, Rochester, Albany — remains among the most affordable housing markets in the northeastern US.
Affordability in New York
New York City buyers face some of the highest combined housing costs in the US: high prices, high property taxes, and significant closing costs (1.825% NYC mansion tax on purchases over $1M). Upstate markets are far more accessible.
Key Markets
First-Time Buyer Programs in New York
SONYMA Low Interest Rate Program
Below-market 30-year fixed mortgage for first-time buyers. Income and purchase price limits vary by region.
SONYMA Down Payment Assistance Loan
Interest-free loan of up to 3% of purchase price (max $15,000) for down payment. Forgiven after 10 years.
NYC Housing Development Corporation (HDC)
NYC-specific programs for buyers purchasing in the five boroughs. Below-market rates + down payment grants up to $10,000.
Property Tax in New York
New York City has complex multi-tiered property tax. Effective rates for 1–3 family homes in NYC typically run 0.8–1.5%. Upstate counties like Erie (Buffalo) run 2.5–3.0%. NYC STAR program provides partial exemption for primary residences.
New York Conforming Loan Limit
$1,089,300 in New York City boroughs and some surrounding counties. Standard $766,550 limit in upstate counties.
Closing Costs in New York
New York closing costs are among the highest nationally: 3–6% in NYC. NYC mansion tax: 1.0% on sales $1M–$1.9M, up to 3.9% over $25M. Mortgage recording tax: 1.8% in NYC (0.75% elsewhere). Flip tax may apply in co-ops.
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