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.
Total principal: $240,000
30 year fixedYour input
|15 year fixed||30 year fixed|
|Total interest paid|
30 year fixedYour input
|15 year fixed||30 year fixed|
|Total interest paid|
See how your payments change over time for your 30 year fixed loan term
At year 0
30 year fixed loan term
- Principal Paid
- Interest Paid
We’ll share an interesting insight here for key milestones in your payoff schedule.
Know how much you qualify for. Based on your inputs, we recommend the following lenders:
New York mortgage and refinance rates today (APR)
Current rates in New York are 4.501% for a 30-year fixed, 4.115% for a 15-year fixed, and 2.823% 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
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...
New York's best mortgage lenders
NerdWallet has done the work for you to pick the best financing partner for you in New York.
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.
|County||Avg. property tax rate||Avg. home value|
|New York County||0.49%||$976,100|
|St. Lawrence County||2.02%||$94,300|
Source: American Communities Survey 2016, U.S. Census
How do I calculate my mortgage payment?
Under "Home price," enter the price (if you're buying) or the current value (if you're refinancing). NerdWallet also has a refinancing calculator.
Under "Down payment," enter the amount of the down payment (if you're buying) or the amount of equity you have (if refinancing).
On desktop, under "Interest rate" (to the right), enter the rate. Under "Loan term," click the plus and minus signs to adjust the length of the mortgage in years.
On mobile devices, tap "Refine Results" to find the field to enter the rate and use the plus and minus signs to select the "Loan term."
You may also enter your own figures for property taxes, homeowners insurance and homeowners association fees, if you don't wish to use NerdWallet's estimates. Edit these figures by clicking on the amount currently displayed.
The mortgage calculator lets you click "Compare common loan types" to view a comparison of different loan terms. Click "Amortization" to see how the principal balance, principal paid (equity) and total interest paid change year by year. On mobile devices, scroll down to see "Amortization."
What's the formula for calculating a mortgage payment?
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.
How can a mortgage calculator help me?
Determining what your monthly house payment will be is an important part of answering the question "how much house can I afford?" That monthly payment is likely to be the biggest part of your cost of living.
Using this tool to calculate your mortgage payment can help you run scenarios as you buy a home or consider a refinance. It can help you decide:
- 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.
- 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. You’ll want to be aware of how much your monthly mortgage payment can change when the introductory rate expires, especially if interest rates are trending higher.
- Are you buying too much home? The mortgage payment calculator can give you a reality check on how much you can expect to pay each month, especially when considering all the costs, including taxes, insurance and private mortgage insurance.
- Are you putting enough money down? With minimum down payments commonly as low as 3%, 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 may be for you.
What costs are included in a monthly mortgage payment?
If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But most mortgage payments include other charges as well. Here are the key components of the monthly mortgage payment:
- Principal: This is the amount you borrow. Each mortgage payment reduces the principal you owe.
- Interest: What the lender charges you to lend 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. You pay about one-twelfth of your annual tax bill with each mortgage payment, and the servicer saves them in an escrow account. When the taxes are due, the loan servicer pays them.
- Homeowners insurance: Your policy covers damage and financial losses from fire, storms, theft, a tree falling on your house and other bad things. As with property taxes, you pay roughly one-twelfth of your annual premium each month, and the servicer pays the bill when it's due.
- 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.
Typically, when you belong to a homeowners association, the dues are billed directly, and it's not added to the monthly mortgage payment. Because HOA dues can be easy to forget, they're included in NerdWallet's mortgage calculator.
Can I reduce my monthly payment?
The mortgage calculator lets you test scenarios to see how you can reduce the monthly payments:
- Extend the term (the number of years it will take to pay off the loan). With a longer term, your payment will be lower but you’ll pay more interest over the years. Review your amortization schedule to see the impact of extending your loan.
- Buy less house. Taking out a smaller loan means a smaller monthly mortgage payment.
- Avoid paying PMI. With a down payment of 20% or more, you won’t have to pay private mortgage insurance. Similarly, keeping at least 20% equity in the home lets you avoid PMI when you refinance.
- Get a lower interest rate. Making a larger down payment can not only let you avoid PMI, but reduce your interest rate, too. That means a lower monthly mortgage payment.
Can my monthly payment go up?
Yes, your monthly payment can go up over time:
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