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Mortgage Calculator New York — Free 2026

Calculate your monthly mortgage payment for a New York home. Includes property tax (1.62%) and insurance estimates.

Please enter a valid home price.
Please enter a valid percentage (0–100).
Please enter a valid interest rate.
Please enter a valid tax rate.
Please enter a valid insurance amount.

Your Mortgage Breakdown

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Monthly Payment (PITI)
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Principal & Interest
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Property Tax (monthly)
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Insurance (monthly)
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Total Interest Over Life
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Total Cost

How It Works

  1. Enter home price and down payment
  2. Set loan term and interest rate
  3. Add taxes and insurance
  4. Review your results
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Understanding Mortgages in New York

New York State offers one of the most diverse housing markets in the country, ranging from multimillion-dollar Manhattan apartments to affordable single-family homes in upstate communities. Whether you are buying a Brooklyn brownstone, a Westchester colonial, or a Buffalo bungalow, understanding your full monthly cost — including New York's unique mortgage recording tax — is essential for smart budgeting.

NYC vs. Upstate: Two Very Different Markets

New York City is one of the most expensive real estate markets in the world, with median condo prices exceeding $700,000 in Manhattan and median home prices above $600,000 in Brooklyn. The majority of NYC apartments are co-ops, which require board approval and typically mandate 20%+ down payments. Outside the city, prices drop significantly: the median home in Buffalo is under $250,000, Syracuse under $200,000, and Albany around $280,000. Long Island and Westchester sit in between, with medians ranging from $450,000 to $700,000. For a broader US comparison, see our Mortgage Calculator USA.

The Mortgage Recording Tax

New York is one of the few states that charges a mortgage recording tax at closing — an often-overlooked cost that can add thousands to your upfront expenses. Outside NYC, the tax is typically 1% of the loan amount plus a small county surcharge. In New York City, the combined rate is 1.8% for loans under $500,000 and 1.925% for $500,000 and above. On a $360,000 loan (80% of a $450,000 home), that is roughly $6,480 in NYC. Co-op purchases are exempt from this tax since co-ops are technically share loans, not mortgages — one of the few financial advantages of buying a co-op.

Property Taxes Across New York State

New York has some of the highest property taxes in the nation, with a statewide average effective rate of about 1.62%. However, the variation is enormous. NYC's effective rate hovers around 0.88% thanks to assessment caps and exemptions, but Long Island counties (Nassau and Suffolk) frequently exceed 2%, and many upstate school districts push effective rates above 2.5–3%. School taxes account for the majority of most New York property tax bills. The STAR program (School Tax Relief) provides meaningful relief for eligible homeowners, particularly seniors. Use our ROI calculator to evaluate the investment return on properties in different tax brackets.

Tips for New York Homebuyers

Budget for closing costs of 3–6% of the purchase price — among the highest in the nation due to the mortgage recording tax, attorney fees (required in NY), title insurance, and transfer taxes. If buying a co-op in NYC, prepare for the board application process, which can include detailed financial disclosures and interviews. First-time buyers should explore SONYMA (State of New York Mortgage Agency), which offers low-interest loans and down payment assistance for qualified purchasers. Always get pre-approved before house hunting, especially in competitive NYC and suburban markets.

For informational purposes only. This calculator provides estimates based on the values you enter. Actual mortgage payments may vary depending on your lender, credit profile, PMI, HOA dues and other factors. Consult a qualified mortgage professional before making financial decisions.

Frequently Asked Questions

What is the mortgage recording tax in New York?
New York charges a mortgage recording tax when you take out a mortgage, which is unique among most states. Outside NYC, the tax is typically 1% of the loan amount. In New York City, the combined rate is 1.8% for loans under $500,000 and 1.925% for loans of $500,000 or more. On a $360,000 loan in NYC, that adds roughly $6,480 to your closing costs.
How do property taxes vary across New York State?
New York has some of the widest property tax variation in the country. NYC's effective rate is relatively low at about 0.88% due to assessment caps, but Long Island, Westchester, and upstate counties often exceed 2–3%. The statewide average is approximately 1.62%. School district taxes make up the largest portion of most property tax bills outside NYC.
What is the STAR program in New York?
The School Tax Relief (STAR) program provides property tax relief for eligible New York homeowners. Basic STAR is available to homeowners with incomes under $500,000 and provides a reduction on school taxes. Enhanced STAR is available to seniors 65+ with incomes under $98,700 and provides a larger benefit. New homeowners receive the benefit as a credit check rather than an exemption.
How much do you need for a down payment in NYC?
For NYC co-ops — which make up the majority of apartments — most buildings require 20% down, and many luxury buildings require 25–50%. Condos and single-family homes follow standard lending guidelines, allowing as little as 3–5% down with conventional loans. The high median price in NYC means even 20% down on a median-priced home requires substantial savings.

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