New York mortgage calculator
Estimate your monthly payment for a home in New York, with property tax at the state average of 1.55% and home insurance included. Rates use the 7.4% national 30-year average from Freddie Mac (week of October 8, 2026).
Estimated monthly payment
- Loan amount
- $339,040
- Down payment
- $84,760
- Interest over 30 years
- $506,040
- Income needed (28% guideline)
- $130,119 a year
Estimate only. Mortgage insurance (PMI) is added when the down payment is under 20%. Real taxes, insurance and lender fees vary by property.
How this is calculated. Principal and interest use the standard fixed-rate loan formula. Property tax uses the New York average effective rate: the median real estate tax paid divided by the median home value. Home insurance is a general estimate that you can change.
Sources: Freddie Mac mortgage rate survey, week of October 8, 2026; U.S. Census Bureau American Community Survey, 2020–2024. Updated October 2026. Full methodology.
What a typical home costs per month in New York
A home valued at the New York median of $423,800 (the Census Bureau's figure for owner-occupied homes), bought with 20% down at 7.4% over 30 years, comes to about $3,036 a month. That is $2,347 in principal and interest, $547 in property tax and $141 in insurance.
Over a year that is 42.4% of the state's median household income of $85,974. Keeping housing costs near 28% of gross income would take a household income of about $130,119.
Property tax in New York
New York has the 6th highest effective property tax rate of the 50 states at 1.55%, above the typical state rate of 0.80%. The median New York homeowner pays $6,582 a year.
| Home price | Tax per year | Tax per month |
|---|---|---|
| $200,000 | $3,106 | $259 |
| $300,000 | $4,659 | $388 |
| $400,000 | $6,212 | $518 |
| $500,000 | $7,765 | $647 |
| $750,000 | $11,648 | $971 |
These figures apply the statewide average rate. Rates differ between counties and taxing districts, and some homes qualify for exemptions.
States with similar property tax rates
- Connecticut1.81% (3rd highest)
- New Hampshire1.66% (4th highest)
- Vermont1.59% (5th highest)
- Texas1.49% (7th highest)
- Nebraska1.49% (8th highest)
- Wisconsin1.42% (9th highest)
Questions about New York mortgage payments
What is the property tax rate in New York?
The average effective property tax rate in New York is 1.55%. Census Bureau data shows homeowners paid a median of $6,582 a year on homes with a median value of $423,800. Your own rate depends on your county, city and school district.
How much is the monthly mortgage payment on a median-value home in New York?
About $3,036 a month including property tax and insurance, assuming 20% down at 7.4% on a 30-year loan. Principal and interest alone come to $2,347.
How much income do I need to buy a home in New York?
A common guideline keeps housing costs under 28% of gross income. For the median-value home above, that works out to about $130,119 a year. Lenders also look at debts, credit score and savings, so your own number may differ.
Does this calculator include property tax and insurance?
Yes. It adds property tax at 1.55% of the home price and home insurance at 0.4% of the home price as a starting estimate. Change either number to match a real quote. Mortgage insurance is added automatically when the down payment is under 20%.
Last updated October 2026. See the methodology for sources and limits.