New York Mortgage Calculator

New York is really two markets. Prices and rules in New York City, where co-ops need board approval and the city adds its own transfer and mortgage recording taxes, look nothing like an upstate county where a median house sells far below the state figure but school taxes can be steep. Statewide, the effective property tax rate is among the ten highest in the country, so the tax line often adds a third or more to principal and interest.

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Starting values: $449,800, which is the New York median (13th of 51), 20% down and a 7.40% rate. Monthly cost: $3,185.04 ($2,491.46 loan, $543.50 property tax, $150.08 homeowners insurance). Put 5% down and add PMI and it rises to $3,830.24.

Homestead exemptions and property tax relief

Property tax relief comes through STAR. New buyers cannot get the old Basic STAR exemption; instead they register with the Tax Department for the STAR credit, a check that offsets part of the school tax, available when household income is $500,000 or less. Homeowners 65 and older with lower incomes can qualify for the larger Enhanced STAR benefit.

First-time buyer programs

The State of New York Mortgage Agency (SONYMA), part of Homes and Community Renewal, offers below-market first mortgages for first-time buyers. Its Down Payment Assistance Loan adds the greater of $3,000 or 3% of the price, up to $15,000, as a 0% loan with no payments that is forgiven after 10 years. Achieving the Dream pairs a lower rate with the same assistance for lower-income buyers; you put in at least 1% of your own cash.

Transfer and recording taxes

The state real estate transfer tax is $2 per $500 of price, about $1,800 on a $449,800 home, and the seller normally pays it. On residential purchases of $1 million or more, the buyer owes an extra 1% "mansion tax" on the whole price. The buyer also pays mortgage recording tax on the loan. It is $1.05 per $100 in the commuter counties of Nassau, Suffolk, Westchester's neighbors Dutchess, Orange and Putnam, and $1.00 to $1.30 in most other counties. In New York City it is 1.8% below $500,000 and 1.925% at or above it for a house or condo, and the city adds its own transfer tax of 1% up to $500,000 or 1.425% above, usually paid by the seller.

Closing costs to plan for

New York closings are lawyer-driven, so attorney fees for both sides are a standard line. Add title insurance, mortgage recording tax and any co-op or condo fees on top of lender charges; buyer costs here run higher than in most states.

When property tax bills are due

New York has no single due date. Town, county, city and school taxes are each billed by the local collector, and school taxes are often a separate fall bill. Ask the seller's attorney for the latest bills for every taxing jurisdiction, because escrow has to be sized to all of them.

Before you buy in New York

Register for the STAR credit with the state's Homeowner Benefit Portal as soon as the home is your primary residence; new buyers get the credit as a check from the state rather than an exemption on the bill. Basic STAR requires combined owner and spouse income of $500,000 or less. Enhanced STAR requires an owner age 65 or older and income of $110,750 or less for 2026 benefits. At closing, the state transfer tax is $2 per $500 of price, and homes selling for $1 million or more add the 1% mansion tax.

2026 loan limit in New York

FHFA 2026 one-unit conforming limits: Bronx County, Kings County, Nassau County and 7 more have the top limit ($1,209,750); 10 of 62 counties exceed the baseline. So $359,840, the 80% loan on a median home, needs no jumbo financing.

New York numbers used above

MeasureNew YorkU.S.
Median home value (ACS 2024)$449,800$360,600
Effective property tax rate1.45% (5th highest)0.89%
Average HO-3 premium (NAIC 2023)$1,801$1,737
Median household income$85,820$81,604
Median gross rent$1,634$1,487
Income needed at 28% (20% down)$136,502–

Frequently asked questions

Who pays the mansion tax?

The buyer, at 1% of the full price, only when a residential purchase is $1 million or more.

What is the median-home payment in New York?

About $3,185.04 a month on a $449,800 home with 20% down at 7.40%, including tax and insurance.

What income do lenders want for that?

Roughly $136,502 a year under the 28% rule, or $164,153 with 5% down and PMI.

How does New York insurance compare?

The 2023 average HO-3 premium was $1,801, above the $1,737 U.S. average.

Sources

See also: all states · house affordability · New York paycheck