New York mortgage calculator

Use our free mortgage calculator to estimate your monthly mortgage payment, includi...ng your principal and interest, taxes, insurance, and PMI in New York. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.

New York housing market

New York, the Empire State, is unsurprisingly one of the most expensive states for ...homeowners, with the median homeowner spending close to 24% of their income on their home. In 2018, the median home value in the state grew by a relatively modest 5.8%, with similar levels predicted in 2019. If you're planning to buy in NYC, you won't have to worry about getting surprised by ghosts: sellers are legally required to disclose if the property is rumored to be haunted.

Your monthly payment
$1,599
30 year fixed loan term
Monthly payment
Principal & interest

$1,163

Property taxes

Homeowners insurance

Homeowners association (HOA) fees

Compare common loan types

Total principal: $240,000

Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,159$1,590
Mortgage Rate4.125%3.56%*4.06%*
Total interest paid
$178,737
$70,104
$175,481
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,159$1,590
Mortgage Rate4.125%3.56%*4.06%*
Total interest paid
$178,737
$70,104
$175,481
Amortization

See how your payments change over time for your 30 year fixed loan term

At year 0

30 year fixed loan term

Remaining
$240,000
Principal Paid
$0
Interest Paid
$0
Year 0
drag me
1
30
Years

Insights

We’ll share an interesting insight here for key milestones in your payoff schedule.

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See latest mortgage rates
Get personalized mortgage rates from San Francisco, CA.
Principal & interest

$1,163

New York mortgage and refinance rates today (APR)

Loan typeAverage
rate
Change
1 day
Change
1 year
30-year fixed4.496%
0.223%
0.454%
15-year fixed3.888%
0.106%
0.582%
5/1 ARM4.176%
0.142%
0.854%

Today’s rate

4.496%
30-year fixed

Current rates in New York are 4.496% for a 30-year fixed, 3.888% for a 15-year fixed, and 4.176% for a 5/1 adjustable-rate mortgage (ARM).

Find top real estate agents in New York

Start building your winning home buying team! Our partner, HomeLight, analyzes millions of home sales to identify the best performing agent.

New York's first-time home buyer programs

The State of New York Mortgage Agency, the SONYMA, offers several loan programs to help qualified first-time home buyers get a mortgage.

Conventional Plus Program

State program

Best for

Down payment assistance

Closing cost assistance

What you need to know

This loan wraps a lot of features into one program. It’s the Swiss army knife of mortgage assistance: Take a 30-year loan for purchase or refinance, throw in down payment assistance, and offer it to first-time home buyers or existing homeowners. And that’s just the start. The Conventional Plus...

See full article

New York's best mortgage lenders

NerdWallet has done the work for you to pick the best financing partner for you in New York.

See full article

Average property tax in New York counties

Taking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in New York. Because assessed values aren’t frequently updated, you may pay a higher rate at first but eventually you’ll pay a similar rate.

CountyAvg. property tax rateAvg. home value
Albany County2.06%$227,000
Allegany County3.02%$73,300
Bronx County0.83%$400,300
Broome County2.44%$114,200
Cattaraugus County2.52%$88,300
Cayuga County2.17%$120,900
Chautauqua County2.4%$87,500
Chemung County2.37%$112,900
Chenango County2.2%$95,900
Clinton County1.89%$136,900
Columbia County1.64%$224,600
Cortland County2.77%$113,900
Delaware County1.73%$138,000
Dutchess County1.98%$279,300
Erie County2.27%$153,300
Essex County1.54%$146,900
Franklin County1.79%$102,200
Fulton County2.04%$107,600
Genesee County2.48%$111,900
Greene County1.63%$176,100
Hamilton County1.07%$164,000
Herkimer County1.94%$95,800
Jefferson County1.54%$148,300
Kings County0.52%$701,800
Lewis County1.65%$121,700
Livingston County2.54%$135,300
Madison County2.26%$145,800
Monroe County2.93%$147,700
Montgomery County2.59%$99,900
Nassau County1.92%$489,900
New York County0.49%$976,100
Niagara County2.47%$124,900
Oneida County2.12%$124,000
Onondaga County2.62%$146,700
Ontario County2.13%$166,100
Orange County2.47%$269,100
Orleans County2.54%$93,600
Oswego County2.52%$103,300
Otsego County1.55%$141,900
Putnam County2.37%$359,700
Queens County0.77%$545,800
Rensselaer County2.25%$196,000
Richmond County0.89%$501,300
Rockland County2.38%$439,100
Saratoga County1.56%$258,600
Schenectady County2.63%$164,400
Schoharie County2.14%$143,300
Schuyler County2.04%$114,700
Seneca County2.18%$98,400
Steuben County2.33%$97,500
St. Lawrence County2.02%$94,300
Suffolk County2.01%$394,600
Sullivan County2.25%$177,500
Tioga County2.42%$113,000
Tompkins County2.36%$205,300
Ulster County2.1%$233,000
Warren County1.36%$194,200
Washington County1.94%$144,900
Wayne County2.55%$125,000
Westchester County1.77%$547,800
Wyoming County2.05%$108,500
Yates County1.69%$128,900

Source: American Communities Survey 2016, U.S. Census

How we got here
Monthly payment: What’s behind the numbers used in our mortgage calculator?
How to calculate your mortgage payment
How to use a mortgage payment calculator
Monthly payment: What’s behind the numbers used in our mortgage calculator?

A mortgage calculator used to look kind of like your grandfather’s cell phone. A bunch of buttons, a little screen and a lot of punching in numbers to get a result. The NerdWallet home mortgage calculator is different. It can calculate your monthly mortgage payment in no time.

Any good home mortgage calculator can do that. Even that big calculator stuffed in your grandpa’s shirt pocket. But an excellent mortgage payment calculator can do more. That’s why the NerdWallet monthly mortgage payment calculator also takes into account the additional costs — like taxes and insurance — that are included in your monthly payment. It’s called a PITI mortgage calculator, for principal, interest, taxes and insurance. We can also include HOA dues and PMI — private mortgage insurance — in your monthly payment calculation.

A lot of folks forget to include all those costs and are frankly a bit surprised when their monthly mortgage payment turns out to be a lot more than they counted on. The formula working behind the curtain of the NerdWallet mortgage calculator takes that bit of uncertainty out of the picture.

A mortgage calculator used to look kind of like your grandfather’s cell phone. A bunch of buttons, a little screen and a lot of punching in numbers to get a result. The NerdWallet home mortgage calculator is different. It can calculate your monthly mortgage payment in no time.

Any good home mortgage calculator can do that. Even that big calculator s...

See all
How to calculate your mortgage payment

For the paper and pencil mathletes out there, the mortgage payment calculation looks like this:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

  • M = monthly mortgage payment
  • P = the principal amount
  • i = your monthly interest rate. Your lender likely lists interest rates as an annual figure, so you’ll need to divide by 12, for each month of the year. So, if your rate is 5%, then the monthly rate will look like this: 0.05/12 = 0.004167.
  • n = the number of payments over the life of the loan. If you take out a 30-year fixed rate mortgage, this means: n = 30 years x 12 months per year, or 360 payments.

For the paper and pencil mathletes out there, the mortgage payment calculation looks like this:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

  • M = monthly mortgage payment
  • P = the principal amount
  • i = your monthly interest rate. Your lender likely lists interest rates as an annual figure, so you’ll need to divide by 12, for each m...
See all
How to use a mortgage payment calculator

Determining what your monthly house payment will be is an important part of the “how much house can I afford?” decision. That monthly payment is likely to be the biggest part of your living overhead.

Using this tool to calculate your mortgage payment can help you run various scenarios in your decision process for buying a home. You may consider:

  • How long of a home loan term is right for you? A 30-year fixed-rate mortgage will lower your monthly payment, but you’ll pay more interest over the life of the loan. A 15-year fixed-rate mortgage can reduce the total interest you’ll pay, but your monthly payment will be higher. Regardless of which term you choose, fixed-rate mortgages have interest rates that are locked in for the life of the loan.
  • Is an ARM a good option? Adjustable-rate mortgages start with a “teaser” interest rate, and then the loan rate changes — higher or lower — over time. A 5/1 ARM can be a good choice, particularly if you plan on being in a home for just a few years or so. You’ll want to be aware of how much your monthly mortgage payment can change, especially if interest rates are trending higher.
  • If you’re buying too much home. The NerdWallet mortgage payment calculator can help you take a reality check on just how much home you can afford, especially when considering your all-in costs, including taxes, insurance and PMI.
  • Are you putting enough money down? With minimum down payments commonly as low as 3% these days, it’s easier than ever to put just a little money down. The mortgage payment calculator can help you decide what the best down payment for you may be.

Determining what your monthly house payment will be is an important part of the “how much house can I afford?” decision. That monthly payment is likely to be the biggest part of your living overhead.

Using this tool to calculate your mortgage payment can help you run various scenarios in your decision process for buying a home. You may consider:

  • How ...
See all

Mortgage monthly payment 101

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But that’s rarely the case these days. There are a lot of costs that can be built into a monthly mortgage payment. Here are the five key components in play when you calculate mortgage payments:

  • Principal: Typically, this would be the home’s purchase price, less any down payment It’s the amount you borrow. If you’re buying a $500,000 home and put down $100,000, the principal would be $400,000.
  • Interest: What the lender charges you to loan you the money. Interest rates are expressed as an annual percentage.
  • Property taxes: The annual tax assessed by a government authority on your home and land.
  • Mortgage insurance: If your down payment is less than 20% of the home’s purchase price, you’ll likely pay mortgage insurance. It protects the lender’s interest in case a borrower defaults on a mortgage. Once the equity in your property increases to 20%, the mortgage insurance is canceled, unless you have an FHA loan.
  • Homeowners association (HOA) fee: This is paid by homeowners to an organization that assists with upkeep, property improvements and shared amenities.