New York · NY

New York Mortgage Calculator

Pre-filled for New York: median home price $460,000, average property tax rate 1.40%. Adjust any slider to make it yours.

NYC adds local income tax — not modeled here.

New York housing at a glance

Median home price: $460,000
Effective property tax rate: 1.40% / yr
Annual property tax (median home): $6,440
Est. monthly tax escrow: $537
State income tax: Yes

Sources: regional housing data 2025 (median price), state assessor averages 2024–2025 (tax rate).

Buying a home in New York

The median home price in New York is around $460,000 and the effective property tax rate averages 1.40%of assessed value per year. Most lenders look for a debt-to-income (DTI) ratio under 43%, meaning your total monthly debt payments (including this mortgage) shouldn't exceed 43% of your gross income.

A 20% down payment on the median home in New York is $92,000. Putting down at least 20% eliminates private mortgage insurance (PMI), which typically adds 0.3–1.5% of the loan amount per year to your monthly payment.

Top counties in New York

Home prices vary significantly by county. The most populated counties in New York tend to command the highest medians:

Kings County (Brooklyn): $950,000
Queens County: $720,000
Suffolk County: $580,000

Adjust the home-price slider above to match the county you're buying in.

Transfer tax & closing costs in New York

New York charges a state transfer tax of $2 per $500 (0.4%) plus a mortgage recording tax (1.05%–2.175% depending on county). NYC adds a Real Property Transfer Tax of 1%–2.625%.

Beyond transfer taxes, total closing costs in New Yorktypically range from 2–5% of the purchase price — including lender origination fees, title insurance, appraisal, and prepaid interest. On the median home that's roughly $9,200–$23,000.

Foreclosure & legal context

Foreclosure type: Judicial (court-supervised)
Security instrument: Mortgage
Deficiency liability: Recourse

New York uses judicial foreclosure — the median timeline is 3+ years, among the slowest in the country.

New York mortgage FAQ

What is the monthly mortgage payment for a median-priced home in New York?: At the current 30-year fixed rate of ~6.81%, a $460,000 home in New York with 20% down ($92,000) carries a principal-and-interest payment of ~$2,402/mo. Add property tax (~$537/mo at 1.40%) and homeowners insurance and your total is roughly $2,938/mo. Use the calculator above to adjust for your exact down payment and rate.
What is the property tax rate in New York?: The effective statewide property tax rate in New York averages 1.40% of assessed value per year. On a $460,000 home, that works out to roughly $6,440 per year ($537/mo). Individual county rates vary.
Does New York have a state income tax?: Yes, New York has a state income tax. This affects your net take-home pay and therefore your effective purchasing power — use our salary calculator to estimate what's left after tax.
What are the closing costs and transfer taxes in New York?: New York charges a state transfer tax of $2 per $500 (0.4%) plus a mortgage recording tax (1.05%–2.175% depending on county). NYC adds a Real Property Transfer Tax of 1%–2.625%.
What type of foreclosure does New York use?: New York uses judicial foreclosure, meaning a lender must file a lawsuit and obtain a court judgment before selling a property. New York uses judicial foreclosure — the median timeline is 3+ years, among the slowest in the country.

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