NYC Mortgage Calculator
Enter your home price, down payment, and loan details below to see your estimated monthly payment. The calculator includes NYC-specific costs that most generic calculators miss.
Monthly Payment by Price Point
Using a 20% down payment, 30-year fixed at 6.875%, and estimated taxes/insurance, here are monthly PITI payments across common NYC price ranges:
| Purchase Price | Down Payment (20%) | Loan Amount | P&I Payment | Est. Taxes/Mo | Total PITI/Mo | Income Needed |
|---|---|---|---|---|---|---|
| $400,000 | $80,000 | $320,000 | $2,109 | $333 | $2,642 | $113,229 |
| $500,000 | $100,000 | $400,000 | $2,636 | $417 | $3,253 | $139,414 |
| $650,000 | $130,000 | $520,000 | $3,427 | $542 | $4,169 | $178,671 |
| $800,000 | $160,000 | $640,000 | $4,218 | $667 | $5,085 | $217,929 |
| $1,000,000 | $200,000 | $800,000 | $5,272 | $833 | $6,305 | $270,214 |
| $1,200,000 | $240,000 | $960,000 | $6,327 | $1,000 | $7,527 | $322,586 |
| $1,500,000 | $300,000 | $1,200,000 | $7,909 | $1,250 | $9,359 | $401,100 |
Rate note: Monthly payments above use the 2026 rate of 6.875% (factor: $6.59 per $1,000 borrowed). A 15-year loan at 6.25% would have higher monthly payments but dramatically less total interest paid.
NYC Mortgage Recording Tax Explainer
One of the most significant NYC-specific costs at closing is the mortgage recording tax (MRT). Unlike property transfer taxes, this tax applies to the mortgage itself — not the purchase price.
Current NYC Mortgage Recording Tax Rates
- Loans under $500,000: 1.8% of the loan amount (combined NYC + NY State)
- Loans $500,000 and above: 1.925% of the loan amount
- Co-ops are exempt — one of the biggest advantages of buying a co-op vs. a condo
On an $800,000 mortgage, the MRT alone costs $15,400. On a $1,200,000 mortgage, it's $23,100. This is money paid upfront at closing — not rolled into your monthly payment — so it significantly increases the cash required to close.
Budget tip: NYC closing costs for buyers typically run 2–6% of the purchase price. On a $1M purchase, that's $20,000–$60,000 on top of your down payment. Always get a closing cost estimate before making an offer.
Understanding Your Monthly Mortgage Components
Principal & Interest (P&I)
This is the base mortgage payment calculated by your lender. It goes toward paying off the loan balance (principal) and compensating the lender for the loan (interest). In the early years of a 30-year loan, the majority of each payment is interest — on a $640,000 loan at 6.875%, roughly $3,667 of your first payment is interest and only $551 is principal.
Property Taxes
NYC property taxes are assessed on assessed value, which is often significantly below market value. The effective tax rate on purchase price typically runs 0.5–0.9% for residential properties. We use 1.0% of purchase price as a conservative estimate — your lender will escrow monthly to cover the annual bill.
Homeowner's Insurance
Condo and co-op buyers typically pay much less for homeowner's insurance than single-family homeowners since the building's master policy covers the structure. Expect $1,500–$3,000/year for a condo or co-op HO-6 policy. Single-family homes in NYC run higher — $3,000–$6,000+/year depending on location.
PMI (Private Mortgage Insurance)
PMI is required when your down payment is less than 20%. In NYC, PMI typically costs 0.5–1.0% of the loan amount annually. On a $700,000 loan with 10% down, that's roughly $292–$583/month added to your payment. PMI falls off once you reach 20% equity.
Amortization Summary
Here's how a $640,000 mortgage at 6.875% over 30 years amortizes over time:
| Year | Remaining Balance | Total Interest Paid | Total Principal Paid | Equity (20% Start) |
|---|---|---|---|---|
| Year 1 | $633,518 | $43,860 | $6,482 | $166,482 |
| Year 5 | $606,401 | $214,003 | $33,599 | $193,599 |
| Year 10 | $563,618 | $408,839 | $76,382 | $236,382 |
| Year 15 | $505,027 | $578,398 | $134,973 | $294,973 |
| Year 20 | $421,876 | $714,756 | $218,124 | $378,124 |
| Year 30 | $0 | $878,043 | $640,000 | $800,000 |
Over 30 years on a $640,000 mortgage at 6.875%, you'll pay approximately $878,000 in interest — more than the original loan amount. This is why many buyers opt for 15-year loans despite the higher monthly payment.
Calculate Your NYC Take-Home Pay
Know your gross income — now see what you'll actually bring home after NYC taxes.
NYC Paycheck Calculator