New York Mortgage Calculator 2026

Calculate your monthly mortgage payment for a home in New York (NY). The median home price in New York is $576,000, with an effective property tax rate of 1.6% (ranked #6 nationally). Use our free calculator to compare FHA, VA, USDA, and conventional loan options with real New York data.

New York Property Tax Information

New York has an effective property tax rate of 1.6%, ranking #6 among all 50 states. The median annual property tax is $6,450 ($538/month). Source: Tax Foundation 2025.

New York Loan Limits 2026

FHA loan limit in New York: $524,225 (floor) to $1,209,750 (ceiling for high-cost areas). Conforming loan limit: $806,500 (baseline) to $1,209,750 (ceiling). New York has designated high-cost areas with higher limits.

Estimated Monthly Payment in New York

For a median-priced home of $576,000 with 20% down ($115,200), at 6.5% interest over 30 years: estimated monthly principal and interest is $2,913, plus $538 in property taxes and approximately $125 in homeowner's insurance, for a total estimated payment of approximately $3,576/month.

New York Closing Costs

Average closing costs in New York are $13,738 (2.47% of purchase price), ranked #2 nationally. New York charges a transfer tax on real estate transactions. Source: Bankrate/LodeStar 2025.

New York Housing Market 2026

Home prices in New York have increased 4.5% year-over-year. Average days on market: 55. Inventory level: low. Currently considered a seller's market.

Down Payment Assistance Programs in New York

New York offers 3 down payment assistance programs through New York State Homes and Community Renewal (HCR):

  • SONYMA Down Payment Assistance Loan (DPAL) (second mortgage): 0% interest, no monthly payments. For SONYMA borrowers. - Up to Up to $15,000 or 3%
  • HomeFirst (NYC only) (forgivable loan): Forgivable after 10-15 years. NYC residents only. - Up to Up to $100,000
  • Achieving the Dream (forgivable loan): For lower-income buyers. Forgivable over time. - Up to Up to $20,000

Contact HCR: https://hcr.ny.gov | Phone: 866-275-3427

Did You Know About New York?

  • New York has the 2nd highest closing costs in the nation
  • NYC has additional mansion tax on properties over $1M
  • NYC HomeFirst offers up to $100,000 in DPA
  • Upstate NY offers significantly more affordable options

Frequently Asked Questions About Buying a Home in New York

What is the average property tax rate in New York?

The effective property tax rate in New York is 1.6%, with a median annual tax of $6,450. This ranks #6 among all states.

What are the FHA loan limits in New York for 2026?

The FHA loan floor in New York is $524,225 and the ceiling is $1,209,750 for high-cost areas. The conforming loan limit baseline is $806,500.

How much are closing costs in New York?

Average closing costs in New York are $13,738, which is approximately 2.47% of the purchase price.

Are there first-time homebuyer programs in New York?

Yes, New York offers 3 down payment assistance programs through New York State Homes and Community Renewal, including grants, forgivable loans, and second mortgages.

Is New York a good place to buy a home in 2026?

With a median home price of $576,000 and low inventory, New York is currently a seller's market. Home prices have increased 4.5% over the past year.

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Data last updated: 2025-11. This information is for educational purposes only and should not be considered financial advice.