Quick answer
The median home in New York costs $750K. With 20% down ($150K) at 7% for 30 years, the monthly payment is $3,992/month. Total interest paid over 30 years: $837,053.
Calculator · NY · 2026
Mortgage Calculator for New York, NY (2026)
Pre-filled with New York's median home price of $750K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
New York Mortgage Payment Scenarios
Median home price: $750K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $37,500 | $712,500 | $4,740 | $6,404 | $994,001 |
| 10% | $75,000 | $675,000 | $4,491 | $6,067 | $941,685 |
| 20% | $150,000 | $600,000 | $3,992 | $5,393 | $837,053 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in New York
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $750K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$750K home · 20% down ($600K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in New York?
The median home price in New York is $750K. With 20% down and a 30-year loan at 7%, the monthly payment is $3,992. Adding estimated property taxes and insurance brings total monthly costs to approximately $4,742.
Is it cheaper to rent or buy in New York?
A 2-bedroom rental in New York averages $4,500/month. Buying the median $750K home with 20% down costs approximately $4,742/month (mortgage + taxes + insurance) — $242 more than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in New York?
Using the 28% housing rule, you need at least $171K–203K in annual gross income to comfortably afford the median $750K home in New York with 20% down. You also need $150K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in New York?
NY has a state income tax rate of Up to 10.9%. Property taxes vary by county but on a $750K home, expect $625–$1,250/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.