New York Mortgage Calculator
A $400,000 home in New York with 20% down and a 30-year loan at 6.5% costs about $2,489 a month: $2,023 principal and interest plus $467 property tax at New York’s average rate of 1.40%.
Add homeowners insurance and any HOA or PMI. Try your own numbers in the mortgage calculator.
Monthly payments in New York by home price
20% down payment, 30-year fixed loan, New York average property tax. Insurance not included.
| Home price | Loan | P&I at 6% | P&I at 6.5% | P&I at 7% | Property tax / mo | Total at 6.5% |
|---|---|---|---|---|---|---|
| $200,000 | $160,000 | $959 | $1,011 | $1,064 | $233 | $1,245 |
| $250,000 | $200,000 | $1,199 | $1,264 | $1,331 | $292 | $1,556 |
| $300,000 | $240,000 | $1,439 | $1,517 | $1,597 | $350 | $1,867 |
| $350,000 | $280,000 | $1,679 | $1,770 | $1,863 | $408 | $2,178 |
| $400,000 | $320,000 | $1,919 | $2,023 | $2,129 | $467 | $2,489 |
| $500,000 | $400,000 | $2,398 | $2,528 | $2,661 | $583 | $3,112 |
| $600,000 | $480,000 | $2,878 | $3,034 | $3,193 | $700 | $3,734 |
| $750,000 | $600,000 | $3,597 | $3,792 | $3,992 | $875 | $4,667 |
| $1,000,000 | $800,000 | $4,796 | $5,057 | $5,322 | $1,167 | $6,223 |
Property tax in New York
Property tax is usually paid through an escrow account with your mortgage, so it is part of your monthly payment. New York’s average effective rate of 1.40% is among the highest in the country. Each county and city sets its own rate, and many states offer homestead exemptions that lower the bill for a primary residence, so check with your county assessor.
Other costs to budget for
- Homeowners insurance: often $100–$300 a month depending on the home and location.
- PMI: with less than 20% down on a conventional loan, usually 0.3%–1.5% of the loan a year.
- Closing costs: typically 2%–5% of the loan. Estimate them with the closing cost calculator.
Frequently asked questions
What is the property tax rate in New York?
The average effective property tax rate in New York is about 1.40% of a home’s value per year, or roughly $5,600 a year on a $400,000 home. Rates vary by county and city.
What is the monthly payment on a $400,000 house in New York?
With 20% down and a 30-year loan at 6.5%, principal and interest is $2,023 a month. Adding New York’s average property tax brings it to about $2,489, before homeowners insurance.
How much income do I need to buy a $400,000 home in New York?
Lenders like housing costs under about 28% of gross income. A payment of $2,639 including insurance suggests an income of roughly $113,112 a year.
Property tax rates are statewide averages and rounded. Mortgage rates shown are examples, not offers.