New York Mortgage Calculator
Calculate your monthly payment with NY property taxes, mansion tax, and NYC mortgage recording tax built in. No signup required.
— Total Monthly Payment
Principal & Interest
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Property Tax/mo
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HOA + Insurance
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PMI (monthly)
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Mansion Tax (one-time)
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NYC Mortgage Recording Tax
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New York Mortgage Rates (2026)
NY rates track national averages closely. NYC borrowers pay 0.125–0.25% more on co-op and condo loans. Jumbo loans above $766,550 carry separate pricing.
| Loan Type | 30-Year Fixed | 15-Year Fixed | 5/1 ARM |
|---|---|---|---|
| Conventional | 6.85% | 6.12% | 6.40% |
| FHA | 6.55% | 5.95% | 6.15% |
| VA | 6.25% | 5.72% | 5.95% |
| Jumbo (>$766K) | 7.10% | 6.50% | 6.65% |
Rates as of mid-2026. Compare quotes from 3+ lenders before locking.
New York Property Tax Rates by County
New York averages 1.72% statewide — among the highest in the US. NYC nominal rates look low but apply to assessed values well below market price.
| County | Effective Rate | Median Home Value | Annual Tax |
|---|---|---|---|
| New York (Manhattan) | 0.88% | $870,000 | $7,656 |
| Brooklyn (Kings) | 0.66% | $780,000 | $5,148 |
| Nassau | 1.89% | $620,000 | $11,718 |
| Westchester | 1.62% | $590,000 | $9,558 |
| Suffolk | 1.70% | $480,000 | $8,160 |
| Erie (Buffalo) | 2.65% | $205,000 | $5,433 |
| Monroe (Rochester) | 2.92% | $170,000 | $4,964 |
| Albany | 1.98% | $230,000 | $4,554 |
NY Mansion Tax: Complete Rate Table
Applies to all residential purchases of $1,000,000 or more. Progressive — the full rate applies to the entire purchase price once a threshold is crossed.
| Purchase Price | Tax Rate | Example Tax |
|---|---|---|
| $1,000,000 – $1,999,999 | 1.00% | $10,000 – $19,999 |
| $2,000,000 – $2,999,999 | 1.25% | $25,000 – $37,499 |
| $3,000,000 – $4,999,999 | 1.50% | $45,000 – $74,999 |
| $5,000,000 – $9,999,999 | 2.50% | $125,000 – $249,999 |
| $10,000,000 – $14,999,999 | 3.50% | $350,000+ |
| $15,000,000+ | 3.90% | $585,000+ |
Tip: Negotiating just below a threshold (e.g. $999,000 vs $1,000,000) saves $10,000+ at closing.
NYC Mortgage Recording Tax & Co-op Flip Tax
Two NYC-specific closing costs that surprise out-of-state buyers:
| Fee | Rate | Paid By | Applies To |
|---|---|---|---|
| Mortgage Recording Tax (loan under $500K) | 1.80% | Buyer | Condos & houses in 5 boroughs |
| Mortgage Recording Tax (loan $500K+) | 1.925% | Buyer | Condos & houses in 5 boroughs |
| Flip Tax | 1–3% of sale price | Usually seller | Co-op buildings only |
Co-ops are MRT-exempt — transactions are stock purchases, not real property transfers. Most Manhattan co-op buildings charge a 2% flip tax at sale, paid by the seller.
Monthly Mortgage Payment by NYC Borough
20% down, 30-year fixed at 6.85%, including estimated property tax and insurance.
| Borough | Median Price | Loan Amount | P&I/Month | Total Est. |
|---|---|---|---|---|
| Manhattan | $1,350,000 | $1,080,000 | $7,101 | ~$8,291 |
| Brooklyn | $870,000 | $696,000 | $4,576 | ~$5,456 |
| Queens | $680,000 | $544,000 | $3,577 | ~$4,357 |
| Bronx | $490,000 | $392,000 | $2,578 | ~$3,208 |
| Staten Island | $520,000 | $416,000 | $2,735 | ~$3,415 |
How Much House Can You Afford in New York?
| Annual Income | Max Payment (28%) | Max Price (est.) | Where This Gets You |
|---|---|---|---|
| $80,000 | $1,867/mo | ~$310,000 | Upstate NY (Buffalo, Rochester, Albany) |
| $120,000 | $2,800/mo | ~$465,000 | Outer boroughs, Westchester suburbs |
| $200,000 | $4,667/mo | ~$775,000 | Brooklyn or Queens starter home |
| $350,000 | $8,167/mo | ~$1,355,000 | Brooklyn townhouse or Manhattan condo |
| $500,000+ | $11,667/mo | ~$1,930,000 | Manhattan mid-range |
SONYMA First-Time Homebuyer Programs
The State of New York Mortgage Agency (SONYMA) provides below-market mortgage rates and down payment assistance for eligible first-time buyers statewide.
| Program | Who Qualifies | Key Benefit |
|---|---|---|
| Achieving the Dream | Income at or below 60% AMI | Lowest rates + up to $15,000 DPA |
| Low Interest Rate Program | First-time buyers at or below 97% AMI | Below-market 30-year fixed rate |
| Conventional Plus | Good credit, first-time buyers | Reduced MI + lower fees |
| Condo Plus | NYC condo buyers | Same low rates, designed for condos |
All SONYMA programs require a homebuyer education course. Details at hcr.ny.gov/sonyma.
New York Mortgage Calculator — Frequently Asked Questions
What is the average mortgage payment in New York?▼
The average monthly mortgage payment in New York State is approximately $2,800–$3,200 for a median-priced home outside NYC. In New York City, payments range from ~$3,200/mo in the Bronx to over $8,000/mo in Manhattan. NYC's high home prices and unique closing costs — mansion tax, MRT — make it one of the most expensive markets in the US. Use the calculator above to see your specific numbers.
Does New York have a mansion tax?▼
Yes. New York's mansion tax is a one-time tax on all residential purchases of $1,000,000 or more. The rate ranges from 1% (on purchases of $1M–$1.999M) to 3.9% (on purchases over $25M). The tax is calculated on the entire purchase price — not just the amount above the threshold — and is paid by the buyer at closing. A $1.5M purchase = 1% rate = $15,000 mansion tax.
What is the NYC Mortgage Recording Tax (MRT)?▼
The NYC Mortgage Recording Tax is charged on all new mortgages in the five boroughs: 1.80% on loans under $500,000 and 1.925% on loans of $500,000 or more. On a $600,000 mortgage, you'd owe $11,550. This is in addition to your down payment and other closing costs. Co-ops are exempt from the MRT because co-op transactions are structured as stock purchases, not real property transfers.
What is a co-op flip tax in NYC?▼
A flip tax is a transfer fee charged by a co-op building's board when a unit is sold. Despite the name, it applies to all sales — not just quick flips. Most buildings charge 1–3% of the sale price, with 2% being standard in Manhattan. On a $1.2M sale, a 2% flip tax = $24,000, typically paid by the seller. Always review the co-op's proprietary lease and offering plan before bidding to find the exact flip tax amount.
How much income do I need to afford a home in NYC?▼
Using the 28% housing-cost rule: a median Brooklyn home (~$870,000, 20% down) requires ~$195,000/year in income. A median Manhattan condo (~$1,350,000, 20% down) requires ~$350,000+/year. These figures exclude NYC-specific closing costs. Many NYC buyers combine income with a partner or family member. Use the calculator above to find your exact payment and work backward to see what income is needed.
What is the property tax rate in New York City?▼
NYC's effective property tax rates look low — approximately 0.66% in Brooklyn and 0.88% in Manhattan. However, the city assesses properties at only a fraction of their market value. Tax increases on Class 1 (1-3 family) properties are capped at 6% per year and 20% over 5 years. This benefits long-term owners significantly, but new buyers effectively pay more as the assessed value catches up. Always request the current tax bill — not just the rate — before closing.
What first-time homebuyer programs are available in New York?▼
SONYMA (State of New York Mortgage Agency) is the main resource. Key programs: Achieving the Dream (income at or below 60% AMI — lowest rates + up to $15,000 down payment assistance), Low Interest Rate Program (first-time buyers at or below 97% AMI — below-market 30-year fixed), and Conventional Plus (good-credit buyers — reduced MI and fees). All SONYMA programs require a HUD-approved homebuyer education course. Visit hcr.ny.gov/sonyma for eligibility and income limits by county.
Should I buy a co-op or condo in NYC?▼
Co-ops (roughly 75% of NYC residential buildings) are generally cheaper per square foot but require board approval, often 20–25% down, and most charge a flip tax. Condos cost more per square foot but offer easier financing, no board interview, and freedom to sublet. Condos are subject to the NYC Mortgage Recording Tax; co-ops are not. If price is your priority and you meet board requirements, co-ops offer better value. If flexibility is your priority (subletting, selling quickly), condos are worth the premium.
Calculate Your Exact New York Mortgage Payment
Enter your home price, down payment, and county to see your full monthly cost — including NY property tax, mansion tax estimate, and NYC MRT — all free, no email required.
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