Program Savings Calculator
SONYMA vs. Market Rate: Side-by-Side Comparison
The State of New York Mortgage Agency (SONYMA) offers below-market 30-year fixed rates to first-time buyers who meet income and purchase price limits. Here's the savings on a $500,000 loan:
| Loan Amount | Market Rate (6.875%) | SONYMA (~6.0%) | Monthly Savings | 30-Year Savings |
|---|---|---|---|---|
| $300,000 | $1,977/mo | $1,799/mo | $178/mo | $64,080 |
| $400,000 | $2,636/mo | $2,398/mo | $238/mo | $85,680 |
| $500,000 | $3,295/mo | $2,998/mo | $297/mo | $106,920 |
| $600,000 | $3,953/mo | $3,597/mo | $356/mo | $128,160 |
| $700,000 | $4,613/mo | $4,196/mo | $417/mo | $150,120 |
SONYMA saves $107,000+ over 30 years on a $500K loan compared to the market rate. If you qualify, this is one of the most valuable financial programs available to NYC first-time buyers.
HomeFirst Down Payment Grant: What the $100K Does
The NYC HomeFirst program provides up to $100,000 toward down payment and closing costs for eligible first-time buyers. Here's how it changes your numbers on a $700,000 purchase:
| Scenario | Your Down | Loan Amount | Monthly P&I | Monthly Savings |
|---|---|---|---|---|
| $700K, no grant (10% dn) | $70,000 | $630,000 | $4,151 | Baseline |
| $700K + $100K HomeFirst | $70,000 + $100K grant | $530,000 | $3,492 | $659/mo saved |
| 30-year savings | — | $100K less borrowed | — | $237,240 total |
HomeFirst Eligibility Requirements (2026)
- First-time homebuyer (no ownership interest in real property in the past 3 years)
- Household income at or below 80% of Area Median Income (AMI). For NYC, 80% AMI is approximately $92,640 for a family of 4 in 2026.
- Purchase price limits vary by borough — generally $645,000–$870,000
- 10+ hour homebuyer education course required
- Must remain in the home as primary residence for at least 10 years
FHA 3.5% Down: The Math on a $500K Purchase
FHA loans allow just 3.5% down with a 580+ credit score. On a $500,000 NYC purchase, here's the full picture:
| Item | FHA (3.5% down) | Conventional (20% down) |
|---|---|---|
| Down Payment | $17,500 | $100,000 |
| Loan Amount | $482,500 | $400,000 |
| Upfront MIP (1.75%) | $8,444 | $0 |
| Monthly P&I | $3,180 | $2,636 |
| Monthly MIP (~0.55%/yr) | $221 | $0 |
| Total Monthly (P&I + MIP) | $3,401 | $2,636 |
| Extra cost vs conventional | +$765/mo | — |
FHA MIP lasts the life of the loan if you put less than 10% down (or 11 years if 10%+). On a $500K purchase, you'll pay $221/month in mortgage insurance indefinitely. Conventional PMI is cancelable once you reach 20% equity. Run the numbers carefully — FHA's low down payment comes at a significant long-term cost.
How to Apply for Each Program
SONYMA Low Interest Rate Program
- Confirm you're a first-time buyer (no homeownership in 3 years) or buying in a target area
- Verify your income is within SONYMA limits (varies by family size and county)
- Confirm purchase price is within SONYMA limits (up to $972,000 in NYC in 2026)
- Complete an approved homebuyer education course
- Apply through a SONYMA-approved lender — not all lenders participate
- SONYMA loans require only 3% down with their Down Payment Assistance Loan (DPAL)
NYC HomeFirst Down Payment Assistance
- Complete a 10-hour homebuyer education course from a HUD-approved agency
- Work with an approved HomeFirst lender
- Verify household income is at or below 80% AMI
- Identify a qualifying property within the purchase price limits
- HomeFirst provides a forgivable loan (not a grant) — stays forgivable if you remain in the home for 10 years
- Apply through a HomeFirst-approved mortgage lender
FHA 3.5% Down Loan
- Confirm credit score is 580+ (3.5% down) or 500–579 (10% down required)
- Confirm purchase price is within FHA limits ($1,149,825 in NYC)
- Note: FHA loans cannot be used for co-op purchases
- Apply with any FHA-approved lender (most major lenders qualify)
- Budget for upfront MIP of 1.75% rolled into the loan
- Annual MIP of 0.55%/yr paid monthly for the life of the loan
Know Your Take-Home Pay First
Before applying for any mortgage program, know your actual monthly take-home after NYC taxes. It will dramatically affect your real budget.
Calculate My NYC Take-Home