New York Mortgage Calculator: Estimate Your Monthly Payment

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Updated: January 18, 2024

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The median home value in New York is $305,300. MoneyGeek determined that homeowners pay $1,575 as an average monthly payment.

New York home prices vary based on several criteria. It’s important to evaluate your down payment, potential interest rates, property taxes and more. More importantly, with record-low inventory and record-high prices, the present housing market in New York is one of the most competitive in decades.

MoneyGeek can provide you with a more personalized quote if you use our New York mortgage calculator. Our calculator examines 12 key factors that will influence your monthly mortgage costs.

Additionally, prospective home buyers would be wise to shop around and compare interest rates to get the lowest rate possible.


Start Here: Plug In Your Mortgage Factors

MoneyGeek’s New York mortgage calculator is one of the best tools to use in your home buying journey. We break down the factors included in the calculator below.


Why and How to Use Our Mortgage Calculator

MoneyGeek’s mortgage calculator is pretty straightforward to use. It allows you to calculate how much your monthly mortgage will cost depending on a few criteria such as the price of your property, the interest rate, the loan amount, the loan duration and other details.

Mortgage calculators are handy at all stages of the home-buying process. If you're new to the home buying journey, using a New York mortgage calculator can help you determine what price range to shop in, see the impact of your down payment and start budgeting.

Our New York state mortgage calculator can run scenarios to give you a glimpse of your expected mortgage cost. It can also help you determine ways to reduce your expenses.


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.

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A mortgage is a long-term loan used to finance the purchase of a home, so you must make interest payments to the lender in addition to repaying the principal. Depending on the property’s price, location and loan type, a monthly mortgage can be pricey.

MoneyGeek has highlighted some strategies to minimize your monthly mortgage payments if you want to save money on your spending:

  • Buy a cheaper house. A more affordable house means a lower loan amount. This also means a lower monthly mortgage payment.
  • Put more down. You won't have to pay private mortgage insurance (PMI) if you put down 20% or more.
  • Reduce your interest rate. Research various lenders to find the best rate.
  • Change your loan term. Your payment will be cheaper each month if you choose a longer period, but you will pay more interest.

Next Steps: What o Do After You Have Estimated Your Mortgage Payments

If you are a first-time homebuyer in New York, researching mortgages can be overwhelming. That’s why MoneyGeek compiled essential information that you can refer to throughout the process.

  1. Shop & Compare Rates – Before taking out a loan, you should shop about and compare mortgage offers. For additional information, visit our page on mortgage rates in New York.
  2. Not Ready to Buy? – Are you still undecided whether to rent or buy a house in New York? MoneyGeek can help you make the best decision possible.
  3. Learn More – In MoneyGeek's comprehensive list of resources, you can learn more about the different types of mortgages available, including reverse mortgages, FHA home loans and VA home loans.

Frequently Asked Questions About Mortgages in New York

Lenders prefer debt-to-income (DTI) ratios of 36% or below. However, you’ll want to evaluate your income and expenses to determine what you are comfortable with as well.

In New York, the average outstanding mortgage balance is $237,610.

Depending on the loan you take out, you'll need a 0% to 20% for a down payment. Research your options to determine exactly how much you’ll need.

For conventional mortgages with a down payment of less than 20%, most lenders require private mortgage insurance (PMI). However, there are exceptions to the rule.

On average, New York residents pay $3,749 for property taxes.

The average monthly mortgage payment in New York is $1,575. To get a more exact estimate of your monthly payments, utilize our New York mortgage calculator.

The median home value in New York is $305,300.