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.

Mortgage details
Home price
$
Down payment
$
Loan term
Y
Interest rate
%
Calculate
Reset
Mortgage results
Total amount paid
Interest
$125 050
Principal
$360 000
Total principal & interest$485 050
Monthly payment$4 042.08
Total interest paid$125 050
Payoff dateJune 2035
Print payments schedule

Detailed payment info

DatePaymentPrincipal PaidInterest PaidRemaining Balance
July 20254 042.082 167.081 875357 832.92
August 20254 042.082 178.371 863.71355 654.55
September 20254 042.082 189.721 852.37353 464.83
October 20254 042.082 201.121 840.96351 263.71
November 20254 042.082 212.591 829.50349 051.12
December 20254 042.082 224.111 817.97346 827.02
January 20264 042.082 235.691 806.39344 591.32
February 20264 042.082 247.341 794.75342 343.99
March 20264 042.082 259.041 783.04340 084.94
April 20264 042.082 270.811 771.28337 814.14
May 20264 042.082 282.631 759.45335 531.50
June 20264 042.082 294.521 747.56333 236.98
July 20264 042.082 306.471 735.61330 930.50
August 20264 042.082 318.491 723.60328 612.02
September 20264 042.082 330.561 711.52326 281.45
October 20264 042.082 342.701 699.38323 938.75
November 20264 042.082 354.901 687.18321 583.85
December 20264 042.082 367.171 674.92319 216.68
January 20274 042.082 379.501 662.59316 837.19
February 20274 042.082 391.891 650.19314 445.30
March 20274 042.082 404.351 637.74312 040.95
April 20274 042.082 416.871 625.21309 624.08
May 20274 042.082 429.461 612.63307 194.62
June 20274 042.082 442.111 599.97304 752.51
July 20274 042.082 454.831 587.25302 297.68
August 20274 042.082 467.621 574.47299 830.06
September 20274 042.082 480.471 561.61297 349.59
October 20274 042.082 493.391 548.70294 856.21
November 20274 042.082 506.371 535.71292 349.83
December 20274 042.082 519.431 522.66289 830.40
January 20284 042.082 532.551 509.53287 297.85
February 20284 042.082 545.741 496.34284 752.11
March 20284 042.082 5591 483.08282 193.11
April 20284 042.082 572.331 469.76279 620.79
May 20284 042.082 585.731 456.36277 035.06
June 20284 042.082 599.191 442.89274 435.87
July 20284 042.082 612.731 429.35271 823.14
August 20284 042.082 626.341 415.75269 196.80
September 20284 042.082 640.021 402.07266 556.78
October 20284 042.082 653.771 388.32263 903.02
November 20284 042.082 667.591 374.49261 235.43
December 20284 042.082 681.481 360.60258 553.94
January 20294 042.082 695.451 346.64255 858.50
February 20294 042.082 709.491 332.60253 149.01
March 20294 042.082 723.601 318.48250 425.41
April 20294 042.082 737.781 304.30247 687.63
May 20294 042.082 752.041 290.04244 935.58
June 20294 042.082 766.381 275.71242 169.20
July 20294 042.082 780.791 261.30239 388.42
August 20294 042.082 795.271 246.81236 593.15
September 20294 042.082 809.831 232.26233 783.32
October 20294 042.082 824.461 217.62230 958.86
November 20294 042.082 839.171 202.91228 119.69
December 20294 042.082 853.961 188.12225 265.73
January 20304 042.082 868.821 173.26222 396.90
February 20304 042.082 883.771 158.32219 513.14
March 20304 042.082 898.791 143.30216 614.35
April 20304 042.082 913.881 128.20213 700.47
May 20304 042.082 929.061 113.02210 771.41
June 20304 042.082 944.321 097.77207 827.09
July 20304 042.082 959.651 082.43204 867.44
August 20304 042.082 975.071 067.02201 892.38
September 20304 042.082 990.561 051.52198 901.81
October 20304 042.083 006.141 035.95195 895.68
November 20304 042.083 021.791 020.29192 873.88
December 20304 042.083 037.531 004.55189 836.35
January 20314 042.083 053.35988.73186 783
February 20314 042.083 069.26972.83183 713.74
March 20314 042.083 085.24956.84180 628.50
April 20314 042.083 101.31940.77177 527.19
May 20314 042.083 117.46924.62174 409.73
June 20314 042.083 133.70908.38171 276.03
July 20314 042.083 150.02892.06168 126.01
August 20314 042.083 166.43875.66164 959.58
September 20314 042.083 182.92859.16161 776.66
October 20314 042.083 199.50842.59158 577.17
November 20314 042.083 216.16825.92155 361.01
December 20314 042.083 232.91809.17152 128.10
January 20324 042.083 249.75792.33148 878.35
February 20324 042.083 266.68775.41145 611.67
March 20324 042.083 283.69758.39142 327.98
April 20324 042.083 300.79741.29139 027.19
May 20324 042.083 317.98724.10135 709.21
June 20324 042.083 335.26706.82132 373.94
July 20324 042.083 352.64689.45129 021.30
August 20324 042.083 370.10671.99125 651.21
September 20324 042.083 387.65654.43122 263.56
October 20324 042.083 405.29636.79118 858.26
November 20324 042.083 423.03619.05115 435.23
December 20324 042.083 440.86601.23111 994.37
January 20334 042.083 458.78583.30108 535.60
February 20334 042.083 476.79565.29105 058.80
March 20334 042.083 494.90547.18101 563.90
April 20334 042.083 513.10528.9898 050.79
May 20334 042.083 531.40510.6894 519.39
June 20334 042.083 549.79492.2990 969.60
July 20334 042.083 568.28473.8087 401.31
August 20334 042.083 586.87455.2283 814.45
September 20334 042.083 605.55436.5380 208.90
October 20334 042.083 624.33417.7576 584.57
November 20334 042.083 643.21398.8872 941.36
December 20334 042.083 662.18379.9069 279.18
January 20344 042.083 681.25360.8365 597.93
February 20344 042.083 700.43341.6661 897.50
March 20344 042.083 719.70322.3858 177.80
April 20344 042.083 739.07303.0154 438.72
May 20344 042.083 758.55283.5450 680.18
June 20344 042.083 778.12263.9646 902.05
July 20344 042.083 797.80244.2843 104.25
August 20344 042.083 817.58224.5039 286.67
September 20344 042.083 837.47204.6235 449.20
October 20344 042.083 857.45184.6331 591.75
November 20344 042.083 877.54164.5427 714.21
December 20344 042.083 897.74144.3423 816.47
January 20354 042.083 918.04124.0419 898.43
February 20354 042.083 938.45103.6415 959.98
March 20354 042.083 958.9683.1212 001.02
April 20354 042.083 979.5862.518 021.45
May 20354 042.084 000.3141.784 021.14
June 20354 042.084 021.1420.940

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.

  1. 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.
  2. 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.
  3. 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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. Consider VA Loans. If you're eligible, VA loans often offer favorable terms and should be a top consideration.
  6. Explore Government Programs. Government-backed loan programs and local assistance initiatives can provide attractive offers, so thoroughly explore these options.
  7. 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.

FAQ

How much house can I afford in New York?

To see whether a given property is within the limits of your budget, you must know its value and the tentative loan terms. Feed these to the calculator on the current page. Don't forget to account for your other debts, as well. Most advisers suggest keeping your mortgage payment at less than 28% of your monthly income, with total debt under 36%.

What credit rating do I need to qualify for a mortgage loan in New York?

There is no definitive answer to this question. For conventional loans, credit scores starting from 620 are generally satisfactory. However, the exact conditions vary widely and include other essential criteria, including your income, current debt amount etc. For government-backed FHA plans, there is no predefined threshold, and each lender has the right to set their own requirements. Typically, a credit score of 500 or better may qualify.

What is the average mortgage rate in New York?

At the time of writing, the average rates for conventional fixed-rate mortgages are :30_year_fixed_today_rate% and :15_year_fixed_today_rate% for a 30-year and a 15-year loan term, respectively.