New York Mortgage Calculator

Mortgage and refinance loan payment calculator. Popular areas include New York, Hempstead, Brookhaven and Islip New York.

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Our New York mortgage calculator enables you to estimate your monthly mortgage payment, including the following:

  • Principal and interest
  • Taxes
  • Insurance
  • Private Mortgage Insurance (PMI)

Your monthly payment changes when updating the home price, down payment, interest rate, and loan term.

Housing affordability continues to fluctuate across New York. The housing trends vary in the Empire State, with larger communities exhibiting higher home prices than smaller, more rural areas. Even within New York, Hempstead, Brookhaven, the market varies among neighborhoods. Each area will have a slightly different trend such as Kings County, Queens County and New York County.

Amortization Calculator
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We've included the conforming loan amounts and the estimated property tax rates for each county. This is important because mortgage interest rates are significantly different for home loans above the amounts listed. Please check with your loan officer, bank, lender to verify the conforming loan amounts in your county.

County

Property tax rate

Conforming limit

Albany County

2.10%

$548,250

Allegany County

3.27%

$548,250

Bronx County

0.98%

$822,375

Broome County

2.77%

$548,250

Cattaraugus County

3.14%

$548,250

Cayuga County

2.48%

$548,250

Chautauqua County

2.87%

$548,250

Chemung County

2.63%

$548,250

Chenango County

2.62%

$548,250

Clinton County

2.04%

$548,250

Columbia County

1.93%

$548,250

Cortland County

3.15%

$548,250

Delaware County

2.01%

$548,250

Dutchess County

2.23%

$726,525

Erie County

2.58%

$548,250

Essex County

1.74%

$548,250

Franklin County

2.14%

$548,250

Fulton County

2.53%

$548,250

Genesee County

2.81%

$548,250

Greene County

1.80%

$548,250

Hamilton County

1.12%

$548,250

Herkimer County

2.57%

$548,250

Jefferson County

1.66%

$548,250

Kings County

0.66%

$822,375

Lewis County

1.88%

$548,250

Livingston County

2.83%

$548,250

Madison County

2.53%

$548,250

Monroe County

3.22%

$548,250

Montgomery County

3.19%

$548,250

Nassau County

2.11%

$822,375

New York County

0.95%

$822,375

Niagara County

2.91%

$548,250

Oneida County

2.56%

$548,250

Onondaga County

2.80%

$548,250

Ontario County

2.41%

$548,250

Orange County

2.56%

$726,525

Orleans County

3.49%

$548,250

Oswego County

2.84%

$548,250

Otsego County

1.87%

$548,250

Putnam County

2.63%

$822,375

Queens County

0.88%

$822,375

Rensselaer County

2.48%

$548,250

Richmond County

0.92%

$822,375

Rockland County

2.30%

$822,375

Saratoga County

1.63%

$548,250

Schenectady County

2.88%

$548,250

Schoharie County

2.32%

$548,250

Schuyler County

2.29%

$548,250

Seneca County

2.79%

$548,250

St. Lawrence County

2.54%

$548,250

Steuben County

2.75%

$548,250

Suffolk County

2.37%

$822,375

Sullivan County

2.63%

$548,250

Tioga County

2.62%

$548,250

Tompkins County

2.50%

$548,250

Ulster County

2.40%

$548,250

Warren County

1.65%

$548,250

Washington County

2.25%

$548,250

Wayne County

2.93%

$548,250

Westchester County

1.89%

$765,600

Wyoming County

2.82%

$548,250

Yates County

2.16%

$548,250

County

Tax Rate

Limit

Albany County

2.10%

$548,250

Allegany County

3.27%

$548,250

Bronx County

0.98%

$822,375

Broome County

2.77%

$548,250

Cattaraugus County

3.14%

$548,250

Cayuga County

2.48%

$548,250

Chautauqua County

2.87%

$548,250

Chemung County

2.63%

$548,250

Chenango County

2.62%

$548,250

Clinton County

2.04%

$548,250

Columbia County

1.93%

$548,250

Cortland County

3.15%

$548,250

Delaware County

2.01%

$548,250

Dutchess County

2.23%

$726,525

Erie County

2.58%

$548,250

Essex County

1.74%

$548,250

Franklin County

2.14%

$548,250

Fulton County

2.53%

$548,250

Genesee County

2.81%

$548,250

Greene County

1.80%

$548,250

Hamilton County

1.12%

$548,250

Herkimer County

2.57%

$548,250

Jefferson County

1.66%

$548,250

Kings County

0.66%

$822,375

Lewis County

1.88%

$548,250

Livingston County

2.83%

$548,250

Madison County

2.53%

$548,250

Monroe County

3.22%

$548,250

Montgomery County

3.19%

$548,250

Nassau County

2.11%

$822,375

New York County

0.95%

$822,375

Niagara County

2.91%

$548,250

Oneida County

2.56%

$548,250

Onondaga County

2.80%

$548,250

Ontario County

2.41%

$548,250

Orange County

2.56%

$726,525

Orleans County

3.49%

$548,250

Oswego County

2.84%

$548,250

Otsego County

1.87%

$548,250

Putnam County

2.63%

$822,375

Queens County

0.88%

$822,375

Rensselaer County

2.48%

$548,250

Richmond County

0.92%

$822,375

Rockland County

2.30%

$822,375

Saratoga County

1.63%

$548,250

Schenectady County

2.88%

$548,250

Schoharie County

2.32%

$548,250

Schuyler County

2.29%

$548,250

Seneca County

2.79%

$548,250

St. Lawrence County

2.54%

$548,250

Steuben County

2.75%

$548,250

Suffolk County

2.37%

$822,375

Sullivan County

2.63%

$548,250

Tioga County

2.62%

$548,250

Tompkins County

2.50%

$548,250

Ulster County

2.40%

$548,250

Warren County

1.65%

$548,250

Washington County

2.25%

$548,250

Wayne County

2.93%

$548,250

Westchester County

1.89%

$765,600

Wyoming County

2.82%

$548,250

Yates County

2.16%

$548,250

Start the mortgage process today in New York

Start the process for either a purchase or refinance mortgage today and have a licensed loan officer in New York contact you for a custom quote.

In New York how do banks and lenders calculate what mortgage payment I can afford?

In New York the general rule of thumb for determining the mortgage amount a borrower can manage is 2 – 2.5 times your monthly GROSS income. For example, someone earning $100k annual can afford a $200k – $250k mortgage. However, this is only a general guideline and there is more to the process. In addition to your gross income, lenders take into consideration two ratios: the “front-end ratio” and the “back-end ratio.”  The front-end ratio is your mortgage-to-income ratio, representing the (monthly) amount of your income which you can dedicate to paying your mortgage. The ideal ratio is under 30%–although some lenders will allow you to exceed 40%. The back-end ratio is your debt-to-income (DTI) ratio, or the amount of gross income you must cover your debts (loans for cars, education, and credit cards, for example).  Most lenders want to see that number no more than 36% (36% of your income goes to paying debts).  Although there are other factors in determining your overall financial “health,” these best represent your ability to pay the mortgage.

In New York what are other costs that can increase my mortgage payment?

In New York the mortgage payment includes multiple factors, each which can increase (or decrease) the actual mortgage payment. Other than then actual cost of the home, you need to include the following variables:

  • Down Payment (the amount of money you pay up front, not borrowed from the lender)
  • Interest Expenses (the interest rate, the length of the loan and type—whether a fixed or adjustable interest rate)
  • Property Taxes (these vary with the community you are moving into)
  • Insurance (homeowner’s insurance rates will depend on your coverage and can fluctuate)
  • PMI (some lenders require insurance to protect them should you default on the loan)
  • HOA Fees (Some residential communities (especially condominiums and other PUDs) have maintenance fees for shared facilities and amenities offered in the development

In New York how do I calculate my mortgage payment?

When considering a new home purchase or whether to refinance your current mortgage, the best place to start is by estimating your monthly payment. You can utilize our free New York calculator to get a quick estimate. However, you will need a few numbers available:

Mortgage principal (how much you want to borrow—not necessarily the cost of the property).

Monthly interest rate (the fee you pay the bank to borrow money: check out current mortgage rates). This is usually reflected as an APR (annual percentage rate) and is translated to a monthly rate by dividing the rate by 12 (months).

Number of payments (how long do you want to pay on the mortgage). This is easy with a fixed mortgage, but not with an ARM, where the rate will change on a regular basis.

Property taxes (usually the cost of taxes is added to the mortgage payment & added to an escrow account, where the taxes are paid on your behalf at the end of the year).

Homeowner’s Insurance (since type and coverage vary widely, it is best to contact an agent to get some estimates).

PMI, if required (most lenders require this additional insurance when you put down less than 20% of the purchase price of the property).

Lock your mortgage rate today in New York

With a wide variety of financing options, our team of experts can help you find and lock in the best current rate for purchasing your home or refinancing your existing mortgage. Contact us to get started with a New York mortgage loan today!

Whether you are a math nerd who aspires to do the math by hand or simply want to understand how New York mortgage payments are calculated, the formula looks like this:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

Key:

  • M = monthly mortgage payment
  • P = principal amount
  • I = monthly interest rate (usually listed as an annual percentage rate)
  • N = number of payments over the life of the loan (360 payments for 30 years, etc)

In New York if you are obtaining a fixed mortgage, whether it be 30, 15, or even 5 years, you are probably curious to see how much you are paying in interest.  One thing to remember is that in the U.S., interest is paid in arrears. So, your monthly payment includes interest for the 30 days BEFORE your due date. Since fixed mortgages are fully amortized installment loans, the amortization schedule shows how the split between principal and interest changes over time. In the early years of the mortgage term, most of your payment will go towards interest. However, as you pay down the principal, less interest will accrue and more of your payment is applied to the principal.

In New York the longer you finance your home for, the lower your monthly payments will be. Conversely, a shorter (or adjustable rate) term usually equates to a lower interest rate. Its important to run the numbers on multiple scenarios to find out what works best for you.

If you already have a mortgage and are looking for an opportunity to lower your current monthly payments, consider the following:

  • Refinance at a lower rate
  • Refinance to a longer term
  • Eliminate mortgage insurance
  • Apply for mortgage forbearance or loan modification (in case of financial hardship)

In New York an Amortization Schedule calculator provides a schedule of how much is paid for each portion of the mortgage payment over time. A mortgage calculator allows you to plug in the mortgage amount, term (number of payments) and the APR (interest rate per year) and determine the total you will pay in principal and interest over the life of the loan.

Get started with a purchase or refinance mortgage loan today!

Get started with a purchase or refinance mortgage loan today!

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