New York Mortgage Calculator

In New York, Allegany County has the lowest median monthly mortgage payment at $640, while New York County has the highest at $6,970. This disparity in monthly mortgage payments can significantly impact your short-term budget and long-term financial health, influencing your ability to save and invest for the future.

Use MoneyGeek's mortgage calculator in New York to estimate your monthly mortgage payment, determine which loan term suits your financial situation better and show how much interest you will pay over the loan's lifetime.

Mortgage Calculator

Simply estimate your New York loan payments, taxes and PMI.

Updated: Sep 4, 2024

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Get personalized mortgage rates from New York.

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Key Takeaways

In New York, Allegany County has the lowest median monthly mortgage payment at $640, while New York County has the highest at $6,970 as of March 2024.

A mortgage calculator helps you find a monthly payment that fits your budget and estimate total interest, aiding short-term and long-term financial planning.

The average APR for a 30-year mortgage in New York is 6.2%, while for a 15-year mortgage, it is 5.7%.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot to analyze rate information for New York. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless otherwise stated, all rates are annual percentage rates (APRs).

See the sources cited for more details about data related to median mortgage payments, home prices, down payments and local tax rates.

Interest rate data was last updated in September 2024.

SEE MORTGAGE CALCULATORS IN NEIGHBORING STATES

How to Use Our New York Mortgage Calculator

MoneyGeek's mortgage calculator in New York can calculate your monthly mortgage payments and determine your mortgage's affordability. You'll also understand your amortization schedule, providing a clear financial path.

Calculate Your Monthly Mortgage Payment

Your monthly mortgage payment in New York can be influenced by the home's sale price and your down payment. Explore how New York's mortgage calculator can help you navigate these costs.

1
Home Price
The home price directly influences your monthly mortgage payment in New York. A lower home price in Allegany County, at a median of $110,330, means lower monthly payments than in New York County, where the median is $1,193,370, according to the National Association of Realtors.
2
Down Payment
The size of your down payment influences your monthly mortgage payment by reducing the loan amount. New York's median down payment is $75,000, according to ATTOM data from September 2024.
3
Annual Percentage Rate (APR)
Your Annual Percentage Rate (APR) impacts your monthly mortgage payment, with a lower APR resulting in lower payments. The current mortgage rates in New York change over time and vary between loan types. For example, the average APR for a 15-year fixed mortgage is 5.7%, and for a 30-year fixed mortgage, it's 6.2%.
4
Loan Terms
Shorter terms, like 15 years, often have higher monthly payments but result in less interest paid over the life of the loan. Conversely, a 30-year term typically has lower monthly payments but accrues more interest over time. Choosing the right term depends on your financial situation and goals.

SAMPLE MONTHLY PAYMENT CALCULATION IN NEW YORK

Using the mortgage calculator in New York, you can see that the monthly payment for a 30-year fixed-rate mortgage on a $275,000 house after a 20% down payment is $1,347. This figure is based on the average APR of 6.2% and does not include additional costs such as HOA fees and property tax.

Choosing a 15-year repayment term for your home loan increases your monthly mortgage payment to $1,821. This adjustment means higher monthly expenses, but it also decreases the total interest paid by $157,292 over the life of the loan, making it a financially savvy option for long-term savings.

Determine Your Mortgage's Affordability

Buying a home is one of the largest expenses you'll face, and your mortgage payments will take a sizable chunk of your monthly income. Understanding how affordable your mortgage is can greatly impact your overall finances. That's where MoneyGeek's mortgage calculator for affordability comes in handy. By entering your monthly income and other debts, such as car loans and student loans, you can quickly gauge what you can afford.

The calculator also reveals your debt-to-income ratio, a vital metric for borrowers. This ratio shows how much of your income is dedicated to debt payments, which is crucial for securing a mortgage. According to Experian, the average debt in New York is $93,361, translating to an average monthly debt of $7,780.

See Your Amortization Schedule

Mortgage amortization is the process of paying off a loan over time through regular payments. The key terms are:

Principal: The loan amount you borrow. Understanding this helps you see how much you owe.
Interest: The cost of borrowing the principal. Knowing this shows the total cost of your loan.

MoneyGeek's mortgage calculator allows you to see your amortization schedule and estimate the total interest you'll pay over the life of your loan. You can also see when your monthly payments begin to go more toward your principal vs. your interest, which helps you understand your payment allocation over time.

Additional Mortgage Fees in New York

Homebuyers in New York must consider various mortgage fees that could impact their budget. For example, mortgage insurance and HOA fees could increase your monthly payment. Property taxes and homeowners insurance are other costs to keep in mind.

Homeowners Insurance

Homeowners insurance protects your property and personal belongings from damage or theft. It also provides liability coverage if someone is injured on your property. The average homeowners insurance in New York is $1,229 per year.

Property Tax

Property tax is a levy on real estate that homeowners must pay to the local government. It funds public services like schools and infrastructure. According to the Tax Foundation, New York's effective property tax rate is 1.40%, ranking it 12th in the nation.

HOA Fees

HOA fees are payments to homeowners associations for property management, maintenance, and community amenities. These fees are typically paid monthly or annually.

Private Mortgage Insurance

Private mortgage insurance (PMI) protects lenders if a borrower defaults on a loan. It applies to conventional mortgages when the down payment is less than 20%. Borrowers must request cancellation once they reach 20% equity, or it will only be automatically removed at 22%.

How Much Is Private Mortgage Insurance in New York?

The average APR for a 30-year fixed loan in New York is 6.2%, while for a 15-year fixed loan, it's 5.7%. Using MoneyGeek's PMI calculator, you can see that for a $275,000 home with a 10% down payment, borrowers with a credit score between 680 and 719 pay PMI worth $117 per month if they get a 30-year fixed-rate loan. The amount becomes $115 if they opt for a 15-year loan instead.

MoneyGeek's New York mortgage calculator allows you to see your amortization schedule and determine when you can stop paying for PMI:

1
Calculate your monthly mortgage payment
Input the necessary information, such as the home's price, down payment and mortgage rate in New York. If you already know some fees you need to cover, such as property tax or HOAs, include these. If not, leave them blank but know you'll still have to pay for these. Run the calculator and get your total monthly payment.
2
Calculate for your target equity
You can request that PMI be canceled when you've accumulated at least 20% equity in your home — this will be your target equity. To calculate your target equity, multiply your home's price by 20%.
3
Determine the remaining equity required
Your down payment already contributes towards the 20% equity you need to request your PMI's cancellation. Deduct your down payment from your target equity to get the remaining amount.
4
Establish a timeline
Go to the Amortization tab of the mortgage calculator. Move the slider until the principal paid exceeds your remaining equity required — that's the year you can stop paying for PMI.

Private Mortgage Insurance Calculator

Calculate your monthly private mortgage insurance (PMI) premium based on your credit score and down payment.

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WHEN CAN YOU CANCEL YOUR PMI?

Let's say you put in an 8% down payment for a home in New York priced at $350,000. With an average APR of 6.2% for a 30-year fixed-rate loan, your monthly mortgage payment is $1,972. You need 20% equity to cancel PMI, equivalent to $70,000.

Since your down payment was $28,000, you still need to pay $42,000 to accumulate 20% equity. Assuming that your home's value remains the same over the years and that you consistently pay your mortgage, you can request your lender to cancel your PMI in ten years.

How to Lower Your Monthly Mortgage Payment in New York

Your mortgage is likely the biggest expense you face each month. For a $225,000 loan in New York at 6.2% interest, you'll pay $1,347 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,312. That $35 difference in monthly payment adds up — over a 30-year fixed-rate mortgage, you'll save $12,774 in total interest.

Improve your credit score

Your credit score affects your mortgage. In New York, a down payment between 5% to 20% results in an average APR of 6.6% if your credit score is above 740. However, with a credit score below 680, the APR increases to 8.0%. This shift raises your monthly mortgage payments from $1,405 to $1,614.

Save for a bigger down payment

Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in New York, putting 8% down makes your APR 6.8%, resulting in a monthly mortgage of $1,649. Increasing your down payment to 25% puts your APR at 6.4% and a monthly mortgage of $1,290.

Choose a longer loan term

A longer loan term affects your monthly mortgage payment. A 15-year fixed rate mortgage in New York has an APR of 5.7%. A 20% down payment makes your monthly mortgage payment $1,821. Compare this to $1,347, which you'll have to pay each month if you change loan terms to 30 years, even if your APR increases to 6.2%.

Explore homeownership assistance programs

You can find homeowners assistance programs in New York that may help with your mortgage costs. Institutions like New York State Homes and Community Renewal and Housing Preservation and Development offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in New York

Using a mortgage calculator can raise questions for potential borrowers, especially in New York's housing market. We've addressed commonly asked questions to help you understand your mortgage options.

How much mortgage can I afford in New York?

Your mortgage affordability in New York depends on your debt-to-income ratio (DTI). Typically, lenders prefer a DTI ratio below 36%.

What is the average mortgage debt in New York?

The average mortgage debt in New York was $279,343 as of 2023, according to Experian.

How much down payment do I need to purchase a house in New York?

The ideal down payment is 20%, but requirements vary. Conventional loans typically require 3% to 20%. FHA loans need 3.5%, while VA loans and USDA loans often require no down payment.

Do you really need private mortgage insurance in New York?

Yes, if your down payment is less than 20%. PMI costs about $115 for a 15-year mortgage and $117 for a 30-year mortgage.

What's the effective tax rate in New York?

New York's effective property tax rate is 1.40%, ranking 12th nationally.

What is the median home price in New York?

Median home prices vary by county. Allegany County has the lowest median home price at $110,330, while New York County has the highest at $1,193,370.

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