NYC Mortgage Cost Calculator
Total 30-Year Interest by Loan Amount
One of the most striking realities of a 30-year mortgage: you pay far more in interest than you borrowed. At 6.875%, here's the full interest cost by loan size:
| Loan Amount | Monthly P&I | Total Payments | Total Interest | Interest as % of Loan |
|---|---|---|---|---|
| $300,000 | $1,977 | $711,720 | $411,720 | 137% |
| $400,000 | $2,636 | $948,960 | $548,960 | 137% |
| $500,000 | $3,295 | $1,186,200 | $686,200 | 137% |
| $600,000 | $3,953 | $1,423,080 | $823,080 | 137% |
| $700,000 | $4,613 | $1,660,680 | $960,680 | 137% |
| $800,000 | $5,272 | $1,897,920 | $1,097,920 | 137% |
| $1,000,000 | $6,590 | $2,372,400 | $1,372,400 | 137% |
The 137% rule: At 6.875% over 30 years, you pay roughly 2.37x the loan amount in total payments. On a $600K loan, you pay $1.42M total — $823K of which is interest alone. This is why making extra principal payments early can save tens of thousands of dollars.
NYC Closing Cost Estimate for Buyers
NYC buyers face some of the highest closing costs in the country. Budget approximately 3–5% of the purchase price for condos and homes:
| Purchase Price | Mortgage Recording Tax | Title Insurance | Attorney + Other | Total Est. Closing |
|---|---|---|---|---|
| $500,000 (20% dn) | $7,200 (1.8% on $400K) | $2,000 | $3,500 | ~$12,700 |
| $700,000 (20% dn) | $10,780 (1.925% on $560K) | $2,800 | $3,800 | ~$17,400 |
| $1,000,000 (20% dn) | $15,400 (1.925% on $800K) | $3,900 | $4,500 | ~$33,800* |
| $1,500,000 (20% dn) | $23,100 (1.925% on $1.2M) | $5,500 | $5,000 | ~$48,600* |
*Includes 1% mansion tax on purchases ≥ $1M ($10,000 on $1M purchase; $15,000 on $1.5M purchase).
Rent vs. Own: Total Cost Comparison
Buying makes financial sense only if you hold long enough for appreciation and equity buildup to offset the enormous upfront and ongoing costs of NYC homeownership. Here's a rough comparison at key price points:
| Scenario | Monthly Cost | 5-Year Total Cost | 10-Year Total Cost |
|---|---|---|---|
| Rent $3,000/mo (inflation-adj.) | $3,000–$3,600 | ~$195,000 | ~$410,000 |
| Own: $600K condo (20% dn) | $5,300–$6,000 all-in | ~$345,000 + $30K closing | ~$700,000 |
| Rent $5,000/mo (inflation-adj.) | $5,000–$6,000 | ~$325,000 | ~$685,000 |
| Own: $1M condo (20% dn) | $8,500–$9,500 all-in | ~$555,000 + $45K closing | ~$1,150,000 |
When buying wins: In NYC, buying typically beats renting after 7–12 years, assuming modest 3–4% annual appreciation. The break-even depends heavily on HOA fees, tax abatements, and how long you stay. Co-op buyers often see better long-term value due to lower closing costs and typically lower per-square-foot prices.
Know Your True NYC Housing Budget
See what your take-home pay actually looks like after NYC taxes — then figure out how much home you can realistically afford.
Calculate My NYC Take-Home Pay