New York Mortgage Calculator: Estimate Your Monthly Payment

Home Price:

Enter the maximum home price you are considering or the maximum amount you can comfortably afford.

Down Payment:

The calculator uses this figure to estimate the loan amount. Your down payment can be entered as a dollar amount or as a percentage of the purchase price.

Interest Rate:

Fill in the interest rate for the loan. Rates can be found in MoneyGeek's daily report on mortgage rates or by contacting specific mortgage companies.

Loan Terms:

While you can choose your term length, most loan periods are 15 or 30 years.

Payments per Year:

The frequency of payments made each year is important when calculating a loan payment. Twelve months is the most usual payment term, corresponding to monthly installments.

Property Tax:

This is how much you’ll pay the government each year for your property. On average, this amount is $3,749 annually in New York.

HOA Fees:

You will be required to pay dues if your home is part of a homeowners association (HOA).

Principal & Interest:

The principal is the amount you borrow, while the interest is the fee that the lender charges for lending you money.

Monthly Payment:

This comprises the principal and interest, property taxes, home insurance and HOA fees.

Principal Payment:

It is the part of each monthly payment that goes toward paying down the balance.

Interest Payment:

This is included in your monthly mortgage payment to match your interest rates. As you pay down your loan balance, this amount reduces.

Total Cost with Interest:

This is the total amount you will owe the lender once all relevant factors have been taken into account.