Pre-Approval Estimator: Find Your Max Home Price
How Your Credit Score Affects Your NYC Mortgage Rate
Your credit score is one of the biggest factors in the rate you'll be offered. A difference of 80 points can mean $300–$500/month on a typical NYC mortgage. Here's how scores map to rates in 2026:
| Credit Score | Est. Rate (30-yr) | $600K Loan Monthly | vs. Best Rate | 30-yr Extra Cost |
|---|---|---|---|---|
| 760+ (Excellent) | 6.875% | $3,953 | Baseline | — |
| 740–759 (Very Good) | 6.990% | $3,991 | +$38/mo | +$13,680 |
| 720–739 (Good) | 7.120% | $4,035 | +$82/mo | +$29,520 |
| 700–719 (Fair) | 7.370% | $4,120 | +$167/mo | +$60,120 |
| 680–699 (Below Avg) | 7.750% | $4,252 | +$299/mo | +$107,640 |
| Below 680 | 8.25%+ | $4,424+ | +$471+/mo | +$169,560+ |
Worth improving your score first: Spending 6–12 months improving your credit from 700 to 760+ before applying for an NYC mortgage can save you $100–$300/month — or $36,000–$108,000 over the life of the loan. Strategies: pay down credit card balances below 30% utilization, dispute errors, and avoid opening new accounts.
Income Needed by Loan Amount
These figures use the 28% front-end DTI rule with estimated taxes and insurance included in the housing payment. They assume no other significant debts. Add roughly $10,000–$15,000 to the required income for each $500/month in other monthly debt obligations (car payments, student loans, etc.).
| Loan Amount | Purchase Price (20% dn) | Monthly P&I | Total PITI Est. | Income Needed |
|---|---|---|---|---|
| $300,000 | $375,000 | $1,977 | $2,802 | $120,000/yr |
| $400,000 | $500,000 | $2,636 | $3,636 | $156,000/yr |
| $500,000 | $625,000 | $3,295 | $4,470 | $191,600/yr |
| $600,000 | $750,000 | $3,953 | $5,303 | $227,300/yr |
| $700,000 | $875,000 | $4,613 | $6,138 | $263,100/yr |
| $800,000 | $1,000,000 | $5,272 | $6,972 | $298,800/yr |
| $960,000 | $1,200,000 | $6,326 | $8,226 | $352,500/yr |
What Lenders Look At Beyond Income
Pre-approval is more than just income. NYC lenders evaluate the full financial picture:
- Assets: Down payment must be sourced and seasoned (in your account for 60+ days). Gift funds require a gift letter.
- Reserves: Lenders want to see 2–12 months of housing payments in liquid assets after closing. For jumbo loans, 12–18 months is common.
- Employment history: 2 years of consistent income in the same field. Job changes within the same industry are usually fine; industry switches can raise questions.
- Self-employment: 2 years of tax returns required. Net income (after deductions) is what counts, not gross revenue — many self-employed borrowers qualify for less than expected.
- Additional NYC-specific factor: Co-op boards often require significantly more documentation and financial strength than the lender does.
Start With Your Take-Home Pay
Lenders use gross income, but you live on net income. Know both numbers before shopping for a home.
Calculate My NYC Take-Home