New York Mortgage Calculator 2026 — Monthly Payment Estimator
Last updated: April 2026 · Source: Zillow, Freddie Mac, Tax Foundation
Quick Answer
The average monthly mortgage payment in New York is $2,825 for a $485K home with 12% down at the current 6.95% 30-year rate (principal + interest only). Add $566/mo property tax and $142/mo insurance for total PITI.
New York Housing & Mortgage Data
| Median Home Price | $485,000 |
| 30-Year Fixed Rate | 6.95%(State average, Apr 2026) |
| Property Tax Rate | 1.40%(Effective rate) |
| Avg HO Insurance | $1,700/yr ($142/mo) |
| Typical Down Payment | 12% ($58,200) |
| Median Household Income | $74,000/yr |
| Principal + Interest (P&I) | $2,825/mo |
| Property Tax (escrow) | $566/mo |
| Homeowners Insurance | $142/mo |
| Total PITI Payment | $3,533/mo(Excludes PMI) |
Key Facts for New York
- ✓New York median home price is $485,000 as of 2026
- ✓30-year fixed mortgage rates in New York average 6.95%
- ✓Property taxes in New York are 1.40% — near the national average of 1.10%
- ✓Homeowners insurance averages $1,700/year in New York
- ✓A household earning $121,250/year can typically afford the median New York home
More New York Calculators
Frequently Asked Questions — Mortgage Calculator in New York
- What is the average mortgage payment in New York?
- The average monthly mortgage payment (principal + interest) in New York is approximately $2,825 for a $426,800 loan at 6.95% over 30 years. Adding property tax ($566/mo) and homeowners insurance ($142/mo) brings total PITI to about $3,533/month.
- What credit score do I need for a mortgage in New York?
- Most New York lenders require a minimum 620 credit score for conventional loans and 580 for FHA loans (with 3.5% down). For the best rates in New York, aim for 740+. A higher score can reduce your rate by 0.5–1.0%, saving $64,020 over the life of a 30-year loan.
- How much down payment is required to buy a home in New York?
- You can buy a home in New York with as little as 0% down (VA, USDA loans for eligible buyers), 3% down (conventional), or 3.5% down (FHA). On the New York median home price of $485,000, a 20% down payment is $97,000 and lets you avoid PMI. New York also has state-level down payment assistance programs for first-time buyers.
- What are current mortgage rates in New York?
- Current 30-year fixed mortgage rates in New York average 6.95% as of April 2026. 15-year fixed rates are typically 0.5–0.75% lower. Rates vary by lender, credit score, and loan-to-value ratio. Compare at least 3–5 lenders to ensure you get the best New York mortgage rate.
- What is the property tax rate in New York?
- New York's effective property tax rate is 1.40%. On the New York median home value of $485,000, annual property taxes are approximately $6,790 ($566/month). Property taxes in New York are typically escrowed in your monthly mortgage payment.