New York Mortgage Calculator
Use this free mortgage calculator to estimate your monthly mortgage payments and annual amortization.
Loan details
2024
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
$0.00
Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners.
Mortgage loans from our partners
on New American Funding
on New American Funding
Taking out a mortgage in New York
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.
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. Learn more
Average property tax by county
| County | Avg. property tax rate | Median home value |
|---|---|---|
| Albany County | 1.82% | $273,400 |
| Allegany County | 2.51% | $93,200 |
| Bronx County | 0.8% | $489,800 |
| Broome County | 2.36% | $146,100 |
| Cattaraugus County | 2.13% | $108,500 |
| Cayuga County | 1.98% | $165,500 |
| Chautauqua County | 2.15% | $122,500 |
| Chemung County | 2.12% | $130,700 |
| Chenango County | 2.11% | $121,100 |
| Clinton County | 1.91% | $184,800 |
| Columbia County | 1.37% | $283,700 |
| Cortland County | 2.39% | $148,200 |
| Delaware County | 1.56% | $160,400 |
| Dutchess County | 1.87% | $374,800 |
| Erie County | 1.9% | $225,600 |
| Essex County | 1.46% | $189,500 |
| Franklin County | 1.56% | $131,600 |
| Fulton County | 1.78% | $142,000 |
| Genesee County | 2.1% | $148,600 |
| Greene County | 1.59% | $229,500 |
| Hamilton County | 0.98% | $204,900 |
| Herkimer County | 1.86% | $130,900 |
| Jefferson County | 1.46% | $177,700 |
| Kings County | 0.53% | $849,900 |
| Lewis County | 1.53% | $146,100 |
| Livingston County | 2.19% | $159,900 |
| Madison County | 2.15% | $163,900 |
| Monroe County | 2.63% | $200,100 |
| Montgomery County | 2.24% | $132,300 |
| Nassau County | 1.81% | $654,600 |
| New York County | 0.63% | $1,006,100 |
| Niagara County | 1.99% | $193,800 |
| Oneida County | 1.94% | $167,900 |
| Onondaga County | 2.49% | $182,300 |
| Ontario County | 2.0% | $211,000 |
| Orange County | 2.29% | $371,600 |
| Orleans County | 2.19% | $122,200 |
| Oswego County | 2.22% | $139,800 |
| Otsego County | 1.62% | $166,500 |
| Putnam County | 2.22% | $436,500 |
| Queens County | 0.75% | $683,600 |
| Rensselaer County | 2.16% | $248,200 |
| Richmond County | 0.89% | $632,900 |
| Rockland County | 2.18% | $552,500 |
| Saratoga County | 1.38% | $340,900 |
| Schenectady County | 2.4% | $223,600 |
| Schoharie County | 2.02% | $169,400 |
| Schuyler County | 1.9% | $151,100 |
| Seneca County | 1.97% | $132,000 |
| St. Lawrence County | 1.96% | $122,000 |
| Steuben County | 2.24% | $124,100 |
| Suffolk County | 1.77% | $545,700 |
| Sullivan County | 2.0% | $274,800 |
| Tioga County | 2.17% | $144,200 |
| Tompkins County | 2.21% | $283,000 |
| Ulster County | 1.89% | $337,100 |
| Warren County | 1.23% | $258,300 |
| Washington County | 1.8% | $176,900 |
| Wayne County | 2.35% | $164,700 |
| Westchester County | 1.83% | $634,800 |
| Wyoming County | 2.0% | $143,000 |
| Yates County | 1.53% | $159,800 |
How to use the mortgage calculator
Under "Loan amount," enter the amount you intend to borrow.
Under "Interest rate," enter the mortgage interest rate that you expect to get.
Under "Loan term (years)," enter the length of the mortgage in years. Most mortgages have 30-year terms.
After you enter these three pieces of information, the calculator prominently displays the monthly payment inside the "Your loan estimate" window. It also displays:
The loan amount (under "Total principal").
How much interest you would pay over the life of the loan ("Total interest payments").
The total principal plus interest you would pay over the loan's term ("Total loan payments").
The monthly principal and interest payment excluding taxes and insurance ("Monthly mortgage payment").
The payoff date, which is the month when you would pay the last scheduled payment.
Calculating costs in addition to principal and interest
The calculator lets you fine-tune your payment by entering your annual property tax premium, annual home insurance premium, monthly homeowner association fee and monthly cost of mortgage insurance. Note that you'll enter the annual cost for property tax and home insurance, and the monthly cost for HOA fees and mortgage insurance.
Select "Show amortization schedule" to uncover a table that shows how much you'll pay in principal and interest each month, as well as the remaining amount you owe ("Principal balance") after making the payment.
» MORE: What is mortgage amortization?
Explanation of terminology
Loan amount: Also known as principal, this is the amount you borrow. Each mortgage payment reduces the principal you owe.
Interest rate: How much the lender charges you to lend you the money. Interest rates are expressed as an annual percentage. A lower interest rate gives you a smaller monthly payment.
Loan term (years): The term is the number of years it will take to pay off the mortgage. A longer term gives you a lower monthly payment than a shorter term does. But you pay more total interest with a longer term because you're paying interest for more months.
Start date: The month that your first mortgage payment is due.
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.
Monthly HOA fees: The amount you may pay each month if you belong to a homeowners association. Typically, these dues are billed directly, not added to the monthly mortgage payment. Because HOA dues can be easy to forget when considering the cost of homeownership, NerdWallet's mortgage calculator allows you to enter them here.
Private 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 in case a borrower defaults on a mortgage.
Using the mortgage calculator to compare scenarios
This mortgage calculator lets you change the loan amount, interest rate, loan term and other factors so you can see the effect on monthly payments.
Feel free to test it out by entering your loan amount, then altering the interest rate or the loan term (or both). You won't break anything!
If you're looking to see how much you could save by refinancing your mortgage, try NerdWallet's refinance calculator.
» MORE FOR CANADIAN READERS: Canada mortgage payment calculator
