Typical New York mortgage payment
The median home price in New York is roughly $460,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $3,638 | $2,469 |
| 5.50% | $3,759 | $2,612 |
| 6.00% | $3,882 | $2,758 |
| 6.50% | $4,007 | $2,908 |
| 7.00% | $4,135 | $3,060 |
| 7.50% | $4,264 | $3,216 |
| 8.00% | $4,396 | $3,375 |
| 8.50% | $4,530 | $3,537 |
| 9.00% | $4,666 | $3,701 |
| 9.50% | $4,803 | $3,868 |
| 10.00% | $4,943 | $4,037 |
What a New York mortgage really costs (PITI)
Principal & interest alone would run about $2,908/month at 6.50% over 30 years. But New York's property tax - roughly 1.72% of home value per year here - adds about $659/month, and estimated homeowners insurance adds around $134/month. Your real total monthly payment (PITI) on a $460,000 New York home is closer to $3,701/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $158,615/year. A 20% down payment here is $92,000.
New York vs. its neighbors
Of New York and its neighbors, Pennsylvania has the lowest estimated total monthly payment - about $1,560 less per month than New York.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| Pennsylvania | $270,000 | 1.58% | $2,141/mo |
| Connecticut | $380,000 | 2.15% | $3,194/mo |
| Vermont | $400,000 | 1.90% | $3,278/mo |
| New York (this page) | $460,000 | 1.72% | $3,701/mo |
| New Jersey | $500,000 | 2.49% | $4,344/mo |
| Massachusetts | $600,000 | 1.23% | $4,582/mo |
What affects your New York payment?
- Property tax above is a statewide estimate - your county's actual rate may differ.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price, property tax rate and insurance are approximate estimates, not county-specific figures. Not financial advice.