Mortgage Calculator — New York City, NY
Median home price in New York City: $750,000. Monthly payment: $3,992/month (20% down, 7%, 30yr). Property tax rate: 0.88%.
= $150,000
Payment Breakdown
New York City Mortgage Payments by Rate
| Rate | 15-Year | 30-Year | Total Interest (30yr) |
|---|---|---|---|
| 5.5% | $4,903 | $3,407 | $626,424 |
| 6% | $5,063 | $3,597 | $695,029 |
| 6.5% | $5,227 | $3,792 | $765,267 |
| 6.75% | $5,309 | $3,892 | $800,972 |
| 7% | $5,393 | $3,992 | $837,053 |
| 7.25% | $5,477 | $4,093 | $873,501 |
| 7.5% | $5,562 | $4,195 | $910,303 |
| 8% | $5,734 | $4,403 | $984,931 |
New York City Property Tax & Total Housing Cost
True Cost of a Home in New York City
What you actually pay over 30 years on a $750,000 home (20% down, 7%):
Homebuyer Tips for New York City, NY
The New York City housing market has its own dynamics. With a median price of $750,000 and a property tax rate of 0.88%, here are tips specific to buying in this area:
- Factor in property taxes early. At 0.88%, you'll pay $550/month in property tax alone — that's $6,600/year on the median home.
- Budget beyond the mortgage. Your true monthly housing cost in New York City is closer to $4,542/month when combining P&I and property tax — before insurance and maintenance.
- Get pre-approved locally. Lenders familiar with NY markets often have better rate options and faster closings for New York City properties.
- Compare neighborhoods carefully. Property tax rates and home values can vary significantly within New York City — a lower-tax neighborhood could save you thousands annually.
- Consider the 28% rule. To keep your New York City mortgage at 28% of gross income, you need a household income of at least $194,649/year.
- Research first-time buyer programs. NY may offer down payment assistance or reduced rates for first-time buyers purchasing in New York City.
Frequently Asked Questions — New York City Mortgages
How much house can I afford in New York City, NY?
Using the 28% rule, a household earning $100,000/year can afford roughly $385,309 in New York City. This accounts for the local property tax rate of 0.88%, which adds $550/month on the median home.
What is the monthly payment on a $750,000 home in New York City?
With 20% down and a 7% rate on a 30-year mortgage, the principal and interest payment is $3,992/month. Including property tax, expect to pay around $4,542/month before insurance.
Are property taxes high in New York City?
New York City's property tax rate is 0.88%. On the median home of $750,000, that's $6,600/year or $550/month. This is near the national average of about 1.1%.
Is a 30-year or 15-year mortgage better for New York City?
A 15-year mortgage at 6.75% on the median New York City home costs $5,309/month — $1,318 more than a 30-year — but saves $481,351 in total interest.
How much do I need for a down payment in New York City?
A 20% down payment on the median New York City home is $150,000. FHA loans allow as little as 3.5% down ($26,250), though you'll pay mortgage insurance.
What credit score do I need to buy a home in New York City?
Most conventional loans require a 620+ credit score, while FHA loans accept 580+. For the best rates on a $750,000 home in New York City, aim for 740 or higher — it can save you 0.5-1% on your rate.
How do I lower my mortgage payment in New York City?
You can lower your payment by making a larger down payment, buying down your rate with points, choosing a longer term, or shopping around for lower rates. In New York City, you could also look at neighborhoods with lower property tax assessments.
What is the total cost of owning a home in New York City for 30 years?
On the median $750,000 home with 20% down at 7%, you'll pay $1,587,053 in mortgage costs alone, plus $198,000 in property tax — a true total of $1,785,053 over 30 years.
Affordability in New York City
Based on 28% housing cost rule. Includes property tax.