Mortgage Calculator MLcalc

Mortgage Calculator /With Taxes and PMI /New York

New York Mortgage Calculator

Set to New York’s own property tax rate of 1.45% and its median home price, so the payment below reflects what owning here actually costs — not a national average.

$
% ($90,000)
years
%
$/year
$/year
$/month
%
$/month
Amortization schedule
$2,969
Monthly payment
$2,294
Principal & interest
$544
Taxes
$131
Insurance
$0
HOA fees

Loan balance over time

Balance Principal paid $360,000 Interest paid $465,991
20262056
Total of 360 payments$1,068,991
Principal$360,000
Interest$465,991
Taxes$195,750
Insurance$47,250
HOA fees$0
P&I 77.3% Taxes 18.3% Insurance 4.4%
15- vs 30-year term at 6.58%
15-year
$3,152/mo P&I
$207,331 total interest
30-year · current
$2,294/mo P&I
$465,991 total interest
The 15-year term saves $258,659 in interest. Which term is right for you?

What these numbers come from

Median home value
$449,800
Median tax bill
$6,542
Effective tax rate
1.45%
Rank of 51
5th highest

New York taxes property at about 1.45% of value against 0.89% nationally. On a $450,000 home that is $210 a month more than the same house would cost in taxes at the national rate. Rates are set by counties, cities and school districts, so your own bill will differ from the state median — put your actual figure in the property tax field and the payment updates.

Tax and home value figures: U.S. Census Bureau, American Community Survey 2024 1-year estimates. Insurance is estimated at 0.35% of home value per year — there is no comparable public per-state dataset, so treat it as a placeholder and replace it with your own quote. The interest rate is the national Freddie Mac 30-year average of 6.58%; this site does not publish state-level rate quotes.

Monthly cost across New York home prices

20% down, 30-year fixed at 6.58%, with New York property tax of 1.45% and estimated insurance.

Home price Loan P&I Tax/mo Full payment
$270,000 $216,000 $1,377 $326 $1,782
$360,000 $288,000 $1,836 $435 $2,376
$450,000 median $360,000 $2,294 $544 $2,969
$562,000 $449,600 $2,865 $679 $3,708
$675,000 $540,000 $3,442 $816 $4,454

The gap between the P&I column and the last one is what a mortgage quote leaves out. In New York taxes alone add $544 a month on a median-priced home.

Amortization schedule

Date Principal Interest Tax, Ins. & HOA Balance
Aug $320 $1,974 $675 $359,680
Sep $322 $1,972 $675 $359,357
Oct $324 $1,970 $675 $359,033
Nov $326 $1,969 $675 $358,708
Dec $328 $1,967 $675 $358,380
2026 $1,620 $9,852 $3,375 $358,380
Jan $329 $1,965 $675 $358,051
Feb $331 $1,963 $675 $357,720
Mar $333 $1,961 $675 $357,387
Apr $335 $1,960 $675 $357,052
May $337 $1,958 $675 $356,716
Jun $338 $1,956 $675 $356,377

Refinancing in New York

The arithmetic is the same everywhere: refinancing pays off when the monthly saving clears the closing costs before you sell or refinance again. What differs by state is the cost of getting there — recording fees, transfer and mortgage taxes, and whether an existing tax assessment survives the new loan.

Work the break-even with the refinance calculator, or check this week’s national average rates.

New York home loans in detail

New York Mortgage Overview

Everyone knows and loves New York. Whether it's for the big cities, vast resources, or plentiful employment, 19 million people live in the bustling state of New York. Its average home price is much higher than the national average at $595,000 and just over 50 percent of the homes in NY are owner-occupied.

If you're thinking of becoming a homeowner in New York, here are your loan options:

New York conventional loans

Conventional lenders require at least a 660+ credit score and a 36 percent debt ratio for a conventional loan. First-time homebuyers need just a 3 percent down payment and subsequent homebuyers need a 5 percent down payment. Any borrower putting down less than 20 percent will pay Private Mortgage Insurance but only until you owe less than 80 percent of the home's current value.

New York FHA loans

Borrowers with a minimum 580 credit score and a 3.5 percent down payment may qualify for an FHA loan. FHA lenders allow a 45 - 50 percent debt ratio and allow explanations for poor credit. You can use gift funds for FHA down payments. You'll pay mortgage insurance for the loan's term but you can secure a loan with less than perfect credit.

New York VA loans

Veterans can secure 100 percent financing from a New York VA lender. Borrowers need a 620 credit score and enough income to cover the bills including the new mortgage and daily living costs. You don't need a down payment or mortgage insurance and can enjoy the flexible guidelines. There is an upfront funding fee, but it's affordable.

New York USDA loans

New York has plenty of rural areas. If your household makes less than 115 percent of the area's median income, you may be eligible for a USDA loan. Lenders require a 640+ credit score and a max 41 percent debt ratio. USDA loans don't require a down payment and have low-interest rates for affordable homeownership.

First-Time Homebuyer

Programs in New York

Achieving the Dream

This low-rate mortgage program provides 97 percent funding and you can use down payment assistance to qualify. You must contribute 1 percent from your own funds. You'll need decent credit and the home's sales price must not exceed SONYMA's limits. Loans with less than 20 percent down require mortgage insurance.

Down Payment Assistance Loan

Qualified borrowers may secure $1,000 - $15,000 or 3 percent of the sales price max for down payment assistance. The loan has a 0 percent interest rate and no monthly payments. If you stay in the home for 10 years, it's forgiven. You may use the program in addition to the Achieving the Dream Program or any other SONYMA program.

Homes for Veterans

This program helps veterans who don't qualify for the standard VA loan. Borrowers receive a rate that's 0.375 percent lower than the market rate and down payment assistance up to $15,000.

Graduate to Homeownership

New graduates may qualify for low mortgage rates and down payment assistance to buy a home right out of college. You must have received your degree within the last 48 months and be a first-time homebuyer. You must also have good credit and prove you can afford the loan.

Give us Credit

If you have non-traditional income or savings but can prove you can afford a loan, the Give Us Credit may help you buy your first home. You can secure a 30-year fixed rate mortgage and include the Down Payment Assistance program to make homeownership a reality.

New York mortgage FAQ

How much is property tax on a home in New York?
New York homeowners pay an effective property tax rate of about 1.45 percent of home value — the 5th highest of the 50 states and DC. On the state's median home value of $449,800 that works out to roughly $6,525 a year, or $544 a month added to the mortgage payment. The figures come from the Census Bureau's American Community Survey 2024 1-year estimates; your own bill depends on the county and city rates where the home sits.
What is the monthly payment on a median-priced New York home?
At $450,000 with 20 percent down and the current 6.58 percent national 30-year fixed average, principal and interest come to about $2,294 a month. Adding New York property tax of roughly $544 a month and an estimated $131 of homeowner insurance brings the full payment to around $2,969.
What home loan options exist for buyers in New York?
New York buyers can use conventional loans with a 660 or higher credit score, a 36 percent debt ratio, and 3 percent down for first-time buyers or 5 percent for repeat buyers. FHA loans accept a 580 score with 3.5 percent down and allow gift funds. VA loans provide veterans 100 percent financing with a 620 score, and USDA loans require no down payment in rural areas with a 640 or higher score.
What first-time homebuyer programs are available in New York?
SONYMA's Achieving the Dream provides 97 percent financing at low rates with a 1 percent buyer contribution, and its Down Payment Assistance Loan is an interest-free loan forgiven after 10 years in the home. Homes for Veterans offers a below-market rate for veterans, Graduate to Homeownership helps recent graduates, and Give Us Credit serves buyers with non-traditional income or savings.
Can you get a zero-down mortgage in New York?
Yes, in two main ways. VA loans give eligible veterans 100 percent financing with no mortgage insurance, and USDA loans finance rural homes with nothing down for households earning under 115 percent of area median income. Other buyers can combine SONYMA's Achieving the Dream, which funds 97 percent of the purchase, with its forgivable Down Payment Assistance Loan to cover the rest.

Property tax in every state

Effective rate on owner-occupied value, highest bills first in each column.