New York Mortgage Calculator
Mortgage is next to the only affordable option for low to average income home buyers in many parts of New York and the rest of the United States. On this page we offer a convenient New York home loan calculator to gauge your potential expenses, and up-to-date answers to several frequently asked questions concerning buying a house in New York.
Total principal & interest | $485 050 |
Monthly payment | $4 042.08 |
Total interest paid | $125 050 |
Payoff date | June 2035 |
Detailed payment info
Date | Payment | Principal Paid | Interest Paid | Remaining Balance |
---|---|---|---|---|
July 2025 | 4 042.08 | 2 167.08 | 1 875 | 357 832.92 |
August 2025 | 4 042.08 | 2 178.37 | 1 863.71 | 355 654.55 |
September 2025 | 4 042.08 | 2 189.72 | 1 852.37 | 353 464.83 |
October 2025 | 4 042.08 | 2 201.12 | 1 840.96 | 351 263.71 |
November 2025 | 4 042.08 | 2 212.59 | 1 829.50 | 349 051.12 |
December 2025 | 4 042.08 | 2 224.11 | 1 817.97 | 346 827.02 |
January 2026 | 4 042.08 | 2 235.69 | 1 806.39 | 344 591.32 |
February 2026 | 4 042.08 | 2 247.34 | 1 794.75 | 342 343.99 |
March 2026 | 4 042.08 | 2 259.04 | 1 783.04 | 340 084.94 |
April 2026 | 4 042.08 | 2 270.81 | 1 771.28 | 337 814.14 |
May 2026 | 4 042.08 | 2 282.63 | 1 759.45 | 335 531.50 |
June 2026 | 4 042.08 | 2 294.52 | 1 747.56 | 333 236.98 |
July 2026 | 4 042.08 | 2 306.47 | 1 735.61 | 330 930.50 |
August 2026 | 4 042.08 | 2 318.49 | 1 723.60 | 328 612.02 |
September 2026 | 4 042.08 | 2 330.56 | 1 711.52 | 326 281.45 |
October 2026 | 4 042.08 | 2 342.70 | 1 699.38 | 323 938.75 |
November 2026 | 4 042.08 | 2 354.90 | 1 687.18 | 321 583.85 |
December 2026 | 4 042.08 | 2 367.17 | 1 674.92 | 319 216.68 |
January 2027 | 4 042.08 | 2 379.50 | 1 662.59 | 316 837.19 |
February 2027 | 4 042.08 | 2 391.89 | 1 650.19 | 314 445.30 |
March 2027 | 4 042.08 | 2 404.35 | 1 637.74 | 312 040.95 |
April 2027 | 4 042.08 | 2 416.87 | 1 625.21 | 309 624.08 |
May 2027 | 4 042.08 | 2 429.46 | 1 612.63 | 307 194.62 |
June 2027 | 4 042.08 | 2 442.11 | 1 599.97 | 304 752.51 |
July 2027 | 4 042.08 | 2 454.83 | 1 587.25 | 302 297.68 |
August 2027 | 4 042.08 | 2 467.62 | 1 574.47 | 299 830.06 |
September 2027 | 4 042.08 | 2 480.47 | 1 561.61 | 297 349.59 |
October 2027 | 4 042.08 | 2 493.39 | 1 548.70 | 294 856.21 |
November 2027 | 4 042.08 | 2 506.37 | 1 535.71 | 292 349.83 |
December 2027 | 4 042.08 | 2 519.43 | 1 522.66 | 289 830.40 |
January 2028 | 4 042.08 | 2 532.55 | 1 509.53 | 287 297.85 |
February 2028 | 4 042.08 | 2 545.74 | 1 496.34 | 284 752.11 |
March 2028 | 4 042.08 | 2 559 | 1 483.08 | 282 193.11 |
April 2028 | 4 042.08 | 2 572.33 | 1 469.76 | 279 620.79 |
May 2028 | 4 042.08 | 2 585.73 | 1 456.36 | 277 035.06 |
June 2028 | 4 042.08 | 2 599.19 | 1 442.89 | 274 435.87 |
July 2028 | 4 042.08 | 2 612.73 | 1 429.35 | 271 823.14 |
August 2028 | 4 042.08 | 2 626.34 | 1 415.75 | 269 196.80 |
September 2028 | 4 042.08 | 2 640.02 | 1 402.07 | 266 556.78 |
October 2028 | 4 042.08 | 2 653.77 | 1 388.32 | 263 903.02 |
November 2028 | 4 042.08 | 2 667.59 | 1 374.49 | 261 235.43 |
December 2028 | 4 042.08 | 2 681.48 | 1 360.60 | 258 553.94 |
January 2029 | 4 042.08 | 2 695.45 | 1 346.64 | 255 858.50 |
February 2029 | 4 042.08 | 2 709.49 | 1 332.60 | 253 149.01 |
March 2029 | 4 042.08 | 2 723.60 | 1 318.48 | 250 425.41 |
April 2029 | 4 042.08 | 2 737.78 | 1 304.30 | 247 687.63 |
May 2029 | 4 042.08 | 2 752.04 | 1 290.04 | 244 935.58 |
June 2029 | 4 042.08 | 2 766.38 | 1 275.71 | 242 169.20 |
July 2029 | 4 042.08 | 2 780.79 | 1 261.30 | 239 388.42 |
August 2029 | 4 042.08 | 2 795.27 | 1 246.81 | 236 593.15 |
September 2029 | 4 042.08 | 2 809.83 | 1 232.26 | 233 783.32 |
October 2029 | 4 042.08 | 2 824.46 | 1 217.62 | 230 958.86 |
November 2029 | 4 042.08 | 2 839.17 | 1 202.91 | 228 119.69 |
December 2029 | 4 042.08 | 2 853.96 | 1 188.12 | 225 265.73 |
January 2030 | 4 042.08 | 2 868.82 | 1 173.26 | 222 396.90 |
February 2030 | 4 042.08 | 2 883.77 | 1 158.32 | 219 513.14 |
March 2030 | 4 042.08 | 2 898.79 | 1 143.30 | 216 614.35 |
April 2030 | 4 042.08 | 2 913.88 | 1 128.20 | 213 700.47 |
May 2030 | 4 042.08 | 2 929.06 | 1 113.02 | 210 771.41 |
June 2030 | 4 042.08 | 2 944.32 | 1 097.77 | 207 827.09 |
July 2030 | 4 042.08 | 2 959.65 | 1 082.43 | 204 867.44 |
August 2030 | 4 042.08 | 2 975.07 | 1 067.02 | 201 892.38 |
September 2030 | 4 042.08 | 2 990.56 | 1 051.52 | 198 901.81 |
October 2030 | 4 042.08 | 3 006.14 | 1 035.95 | 195 895.68 |
November 2030 | 4 042.08 | 3 021.79 | 1 020.29 | 192 873.88 |
December 2030 | 4 042.08 | 3 037.53 | 1 004.55 | 189 836.35 |
January 2031 | 4 042.08 | 3 053.35 | 988.73 | 186 783 |
February 2031 | 4 042.08 | 3 069.26 | 972.83 | 183 713.74 |
March 2031 | 4 042.08 | 3 085.24 | 956.84 | 180 628.50 |
April 2031 | 4 042.08 | 3 101.31 | 940.77 | 177 527.19 |
May 2031 | 4 042.08 | 3 117.46 | 924.62 | 174 409.73 |
June 2031 | 4 042.08 | 3 133.70 | 908.38 | 171 276.03 |
July 2031 | 4 042.08 | 3 150.02 | 892.06 | 168 126.01 |
August 2031 | 4 042.08 | 3 166.43 | 875.66 | 164 959.58 |
September 2031 | 4 042.08 | 3 182.92 | 859.16 | 161 776.66 |
October 2031 | 4 042.08 | 3 199.50 | 842.59 | 158 577.17 |
November 2031 | 4 042.08 | 3 216.16 | 825.92 | 155 361.01 |
December 2031 | 4 042.08 | 3 232.91 | 809.17 | 152 128.10 |
January 2032 | 4 042.08 | 3 249.75 | 792.33 | 148 878.35 |
February 2032 | 4 042.08 | 3 266.68 | 775.41 | 145 611.67 |
March 2032 | 4 042.08 | 3 283.69 | 758.39 | 142 327.98 |
April 2032 | 4 042.08 | 3 300.79 | 741.29 | 139 027.19 |
May 2032 | 4 042.08 | 3 317.98 | 724.10 | 135 709.21 |
June 2032 | 4 042.08 | 3 335.26 | 706.82 | 132 373.94 |
July 2032 | 4 042.08 | 3 352.64 | 689.45 | 129 021.30 |
August 2032 | 4 042.08 | 3 370.10 | 671.99 | 125 651.21 |
September 2032 | 4 042.08 | 3 387.65 | 654.43 | 122 263.56 |
October 2032 | 4 042.08 | 3 405.29 | 636.79 | 118 858.26 |
November 2032 | 4 042.08 | 3 423.03 | 619.05 | 115 435.23 |
December 2032 | 4 042.08 | 3 440.86 | 601.23 | 111 994.37 |
January 2033 | 4 042.08 | 3 458.78 | 583.30 | 108 535.60 |
February 2033 | 4 042.08 | 3 476.79 | 565.29 | 105 058.80 |
March 2033 | 4 042.08 | 3 494.90 | 547.18 | 101 563.90 |
April 2033 | 4 042.08 | 3 513.10 | 528.98 | 98 050.79 |
May 2033 | 4 042.08 | 3 531.40 | 510.68 | 94 519.39 |
June 2033 | 4 042.08 | 3 549.79 | 492.29 | 90 969.60 |
July 2033 | 4 042.08 | 3 568.28 | 473.80 | 87 401.31 |
August 2033 | 4 042.08 | 3 586.87 | 455.22 | 83 814.45 |
September 2033 | 4 042.08 | 3 605.55 | 436.53 | 80 208.90 |
October 2033 | 4 042.08 | 3 624.33 | 417.75 | 76 584.57 |
November 2033 | 4 042.08 | 3 643.21 | 398.88 | 72 941.36 |
December 2033 | 4 042.08 | 3 662.18 | 379.90 | 69 279.18 |
January 2034 | 4 042.08 | 3 681.25 | 360.83 | 65 597.93 |
February 2034 | 4 042.08 | 3 700.43 | 341.66 | 61 897.50 |
March 2034 | 4 042.08 | 3 719.70 | 322.38 | 58 177.80 |
April 2034 | 4 042.08 | 3 739.07 | 303.01 | 54 438.72 |
May 2034 | 4 042.08 | 3 758.55 | 283.54 | 50 680.18 |
June 2034 | 4 042.08 | 3 778.12 | 263.96 | 46 902.05 |
July 2034 | 4 042.08 | 3 797.80 | 244.28 | 43 104.25 |
August 2034 | 4 042.08 | 3 817.58 | 224.50 | 39 286.67 |
September 2034 | 4 042.08 | 3 837.47 | 204.62 | 35 449.20 |
October 2034 | 4 042.08 | 3 857.45 | 184.63 | 31 591.75 |
November 2034 | 4 042.08 | 3 877.54 | 164.54 | 27 714.21 |
December 2034 | 4 042.08 | 3 897.74 | 144.34 | 23 816.47 |
January 2035 | 4 042.08 | 3 918.04 | 124.04 | 19 898.43 |
February 2035 | 4 042.08 | 3 938.45 | 103.64 | 15 959.98 |
March 2035 | 4 042.08 | 3 958.96 | 83.12 | 12 001.02 |
April 2035 | 4 042.08 | 3 979.58 | 62.51 | 8 021.45 |
May 2035 | 4 042.08 | 4 000.31 | 41.78 | 4 021.14 |
June 2035 | 4 042.08 | 4 021.14 | 20.94 | 0 |
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Best mortgage lenders in New York
The most popular mortgage lenders in New York operate nationwide. These include such recognizable names as Rocket Mortgage, Morty Inc, First Citizens Bank. Several lesser known but trustworthy options include New York-based GuardHill Financial Corp, Amerifund Home Mortgage LLC.
How to calculate mortgage payment in New York
Utilize our quick mortgage calculator in NY to estimate your upcoming monthly costs. You'll find a comprehensive, step-by-step guide below for your convenience.
Why and How to Use Our Mortgage Calculator
Use our house payment calculator New York for thorough planning of your future spendings. Let’s take a closer look at each field in order to gain a better understanding of the mortgage in New York parameters.
- Home Price and Down Payment. The first step is determining the price of your future home. This is the amount you plan to invest in your property. A crucial part of this is the down payment, which is the portion of the home price you need to pay upfront. To avoid costly insurance, it's recommended to come up with at least 20% down payment for a conventional loan. The remaining amount constitutes the principal, which is 80% of the home price when you have a 20% down payment.
- Loan Term. The loan term is the duration it takes to fully repay your mortgage through scheduled payments. Fixed-rate conforming loans typically have a maximum term of 30 years, while adjustable-rate options usually have shorter terms.
- Interest Rate and APR. The interest rate is a percentage of the principal that you are required to pay over the life of the loan. However, it's important to note that you're actually charged an Annual Percentage Rate (APR), which is slightly different from the interest rate. While the interest rate is a significant part of the APR, the APR also includes additional fees such as origination fees, closing costs, insurance payments, and more. So, when considering the APR, you get a more comprehensive picture of the overall cost of your mortgage.
For more precise assessment, the interest rate used for these calculations is based on the current mortgage rates in New York, given a $400,000 home price and a 10% down payment.
Median property taxes in New York counties
Property tax is another critical aspect to factor in when selecting your future house. Many lenders require the creation of a mortgage escrow account to ensure that borrowers are keeping up with their tax and insurance costs.
County | Avg. property tax rate | Avg. home value |
---|---|---|
Albany County | $3,526 | $227,000 |
Allegany County | $1,959 | $73,300 |
Bronx County | $2,653 | $400,300 |
Broome County | $2,417 | $114,200 |
Cattaraugus County | $2,054 | $88,300 |
Cayuga County | $2,550 | $120,900 |
Chautauqua County | $2,187 | $87,500 |
Chemung County | $2,202 | $112,900 |
Chenango County | $2,076 | $95,900 |
Clinton County | $2,341 | $136,900 |
Columbia County | $3,605 | $224,600 |
Cortland County | $2,747 | $113,900 |
Delaware County | $2,055 | $138,000 |
Dutchess County | $4,873 | $279,300 |
Erie County | $3,120 | $153,300 |
Essex County | $2,008 | $146,900 |
Franklin County | $1,848 | $102,200 |
Fulton County | $2,262 | $107,600 |
Genesee County | $2,818 | $111,900 |
Greene County | $2,584 | $176,100 |
Hamilton County | $1,837 | $164,000 |
Herkimer County | $2,097 | $95,800 |
Jefferson County | $1,961 | $148,300 |
Kings County | $2,903 | $701,800 |
Lewis County | $1,717 | $121,700 |
Livingston County | $3,062 | $135,300 |
Madison County | $2,766 | $145,800 |
Monroe County | $3,805 | $147,700 |
Montgomery County | $2,713 | $99,900 |
Nassau County | $8,711 | $489,900 |
New York County | $5,873 | $976,100 |
Niagara County | $2,986 | $124,900 |
Oneida County | $2,504 | $124,000 |
Onondaga County | $3,237 | $146,700 |
Ontario County | $3,122 | $166,100 |
Orange County | $5,586 | $269,100 |
Orleans County | $2,873 | $93,600 |
Oswego County | $2,354 | $103,300 |
Otsego County | $2,053 | $141,900 |
Putnam County | $7,331 | $359,700 |
Queens County | $2,914 | $545,800 |
Rensselaer County | $3,529 | $196,000 |
Richmond County | $2,842 | $501,300 |
Rockland County | $8,268 | $439,100 |
Saratoga County | $3,368 | $258,600 |
Schenectady County | $3,857 | $164,400 |
Schoharie County | $2,273 | $143,300 |
Schuyler County | $1,974 | $114,700 |
Seneca County | $2,544 | $98,400 |
Steuben County | $2,160 | $97,500 |
St. Lawrence County | $1,674 | $94,300 |
Suffolk County | $7,192 | $394,600 |
Sullivan County | $3,645 | $177,500 |
Tioga County | $2,354 | $113,000 |
Tompkins County | $3,815 | $205,300 |
Ulster County | $4,208 | $233,000 |
Warren County | $2,525 | $194,200 |
Washington County | $2,875 | $144,900 |
Wayne County | $3,198 | $125,000 |
Westchester County | $9,003 | $547,800 |
Wyoming County | $2,527 | $108,500 |
Yates County | $2,422 | $128,900 |
Source: American Communities Survey 2016, U.S. Census
New York Housing Market 2025
Over the past year, the housing market in New York has witnessed a significant rise in property values, extending a trend that was further accelerated by the COVID-19 pandemic. However, it's worth noting that the rate of growth has slowed compared to the previous year. Meanwhile, both purchase and refinance rates have been steadily increasing for some time, and there are expectations of further rate hikes in the near future.
How do I calculate my mortgage payment?
The most convenient way to do this is to make use of our calculator. It's powered by a simple formula, which you can also use to calculate the amount to be paid by hand:
M = P*i(1 + i)^n / (1 + i)^n – 1
M – estimated monthly mortgage payment;
P – principal;
I – monthly interest rate (to determine it, divide your annual mortgage rate by 12);
N – the loan term expressed in months (in other words, the overall number of monthly payments)
Imagine you are applying for a 15-year mortgage loan with a fixed 6.99% APR (which is .0699 as a unit fraction). The house costs $500k, with 10% ($50,000) to be paid down. The principal amount (P) will be equal to 90% of the initial home cost ($500,000 – $50,000 = $450,000).
I = .0699 % / 12 = .005825%.
Finally, let’s convert the loan length from years to months: N = 15 * 12 = 180.
M ($) = 450,000*.005825(1 + .005825)^180 / (1 + .005825)^180 – 1 ≈ 4042.
So, you are going to pay about $4042 a month.
It is important to note that the calculated M value is approximate, as no extra fees are taken into account.
Tips for first-time home buyers in New York
To begin with, there are several federal agencies such as USDA, FHA, and VA that guarantee loans for eligible borrowers. These agencies offer a range of options that can align with the budget of many first-time homebuyers.
In addition to these government-backed programs, it's worth considering the offerings from the New York Housing Corporation (UHC) available to residents of New York. Specifically, first-time homebuyers meeting the qualifications for an FHA loan with a FICO score of at least 660 can apply for the FirstHome program. This program provides valuable assistance by covering up to 6% of the loan amount for down payments and/or closing costs. It's important to note that this assistance is in the form of a 30-year-fixed-rate second loan.
For those who may not qualify for the FirstHome program, there's an alternative option known as the New York Housing Score Loan, which offers up to 4% assistance. To be eligible for this program, a minimum satisfactory credit score of 620 is required.
Here are some valuable tips for first-time homebuyers:
- Get Pre-Approved Early. It's crucial to obtain pre-approval for a mortgage before you start house hunting. Having a pre-approval letter not only enhances your credibility in the eyes of sellers but also helps you understand your budget.
- Compare Mortgage Rates. Don't settle for the first lender you encounter. Compare rates and terms from at least three different lenders to ensure you secure the best deal.
- Plan Your Expenses. Based on the amount you've been pre-approved for, create a budget that takes into account future expenses, including mortgage payments, utilities, and maintenance costs.
- Save for a Down Payment. Commence saving for a down payment as early as possible. A larger down payment reduces your principal amount, potentially leading to lower overall costs in the long run.
- Consider VA Loans. If you're eligible, VA loans often offer favorable terms and should be a top consideration.
- Explore Government Programs. Government-backed loan programs and local assistance initiatives can provide attractive offers, so thoroughly explore these options.
- Manage Existing Debts. If feasible, work on paying off existing debts to improve your creditworthiness and qualify for better loan terms.
By adhering to these guidelines and thoroughly investigating the various loan programs available, first-time homebuyers can make informed decisions and secure the right mortgage to suit their needs.