Quick answer
The median home in Buffalo costs $215K. With 20% down ($43K) at 7% for 30 years, the monthly payment is $1,144/month. Total interest paid over 30 years: $239,955.
Calculator · NY · 2026
Mortgage Calculator for Buffalo, NY (2026)
Pre-filled with Buffalo's median home price of $215K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Buffalo Mortgage Payment Scenarios
Median home price: $215K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $10,750 | $204,250 | $1,359 | $1,836 | $284,947 |
| 10% | $21,500 | $193,500 | $1,287 | $1,739 | $269,950 |
| 20% | $43,000 | $172,000 | $1,144 | $1,546 | $239,955 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Buffalo
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $215K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$215K home · 20% down ($172K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Buffalo?
The median home price in Buffalo is $215K. With 20% down and a 30-year loan at 7%, the monthly payment is $1,144. Adding estimated property taxes and insurance brings total monthly costs to approximately $1,359.
Is it cheaper to rent or buy in Buffalo?
A 2-bedroom rental in Buffalo averages $1,400/month. Buying the median $215K home with 20% down costs approximately $1,359/month (mortgage + taxes + insurance) — $41 less than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Buffalo?
Using the 28% housing rule, you need at least $49K–58K in annual gross income to comfortably afford the median $215K home in Buffalo with 20% down. You also need $43K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Buffalo?
NY has a state income tax rate of 10.9% (top). Property taxes vary by county but on a $215K home, expect $179–$358/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.