Mortgage Calculator for New York — Includes Property Tax & Insurance
In New York, the median home costs $490,000, and property taxes there are higher than the typical U.S. state at an average of 1.72% of assessed value — which adds roughly $702 to the monthly payment on a median-priced New York home. Homeowners insurance in New York averages $1,500 a year ($125/month), below the national average. Putting 20% down at New York's typical 30-year fixed rate of 7%, your full PITI payment — principal, interest, taxes, and insurance — comes to about $3,435 per month. The calculator below is pre-filled with these New York figures so you can adjust any input and see the impact instantly.
A buyer earning New York's median household income of $75,000 would dedicate roughly 55% of gross monthly income to housing — significantly strained by the standard 28% guideline.
Median Home Price
$490,000
Avg 30-yr Rate
7%
Property Tax Rate
1.72%/yr
Est. Monthly PITI
$3,435
Mortgage Calculator
Total Monthly Payment
$3,435.32
Loan Amount
$392,000
Total Paid
$938,875
Total Interest
$546,875
How to Get a Mortgage in New York
- 1 Check your credit score. In New York, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $490,000 New York home, 20% down is $98,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in New York average 7%, but shopping lenders often saves 0.25–0.5%.
- 4 Account for closing costs — typically 2–5% of the loan amount, or $11,760–$19,600 on a median New York purchase.
- 5 Budget for ongoing costs: New York property taxes average 1.72%/yr ($8,428/yr on the median home), plus homeowner's insurance averaging $1,500/yr.
Monthly Cost Breakdown — Median New York Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
New York Mortgage FAQs
What is the average home price in New York?
The median home price in New York is $490,000 (2024 estimate). With a typical 20% down payment of $98,000, a buyer would finance $392,000 at a 30-year fixed rate.
What are property taxes like in New York?
New York has an average effective property tax rate of 1.72% of assessed home value. On a $490,000 home, that's approximately $8,428 per year ($702/month) — above the national average of 1.07%.
How much income do I need to buy a home in New York?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced New York home, you'd need to earn roughly $147,228 per year. The state's median household income is $75,000, meaning the typical household allocates about 55% of gross income to housing — significantly strained.
What is the average mortgage rate in New York?
The average 30-year fixed mortgage rate in New York is approximately 7% (2024 average). Rates vary by lender, credit score, loan-to-value ratio, and loan type. Borrowers with credit scores above 740 typically qualify for the best available rates.
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