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Buying a home can feel daunting, but online tools can make the process more manageable. This New York mortgage calculator is invaluable for helping you understand what kind of obligations a specific mortgage will involve. You can also use it to compare different home loan offers and even see how changing factors in a mortgage -– like the interest rate or the loan term, for instance — will alter how much you’ll pay monthly and over the long term. The calculator is a great starting point for anyone looking to navigate the complexities of home buying in New York. Let’s take a closer look at what it can help you do.
Key Points
• A mortgage calculator lets you input information about a loan to find out what the monthly payment and total interest rate would be.
• A loan term of 30 years will translate into lower monthly payments, while a 15-year term will mean you pay your mortgage off faster and spend less on total interest.
• Lenders usually prefer that you spend no more than 28% of your gross monthly income on your monthly mortgage payment.
• While New York has a relatively high cost of living overall, there are cities in the state that are less expensive than the national average.
• Down payment assistance programs can help first-time homebuyers, a category that may include repeat buyers who haven’t owned a home in the last three years.
New York Mortgage Calculator
Calculator Definitions
• Home price: This is the price that you and the seller agree that you’ll pay for the property. It will probably differ from the listing price and from your initial offer.
• Down payment: This is the amount you will pay upfront for the property. It’s generally given as a percentage of the home price, typically between 3% and 20%. You can find down payment assistance programs in New York that may be able to help you cover this cost.
• Loan term: This is the time period during which you will repay your home loan. Typical loan terms are 15 or 30 years.
• Interest rate: This is what it costs to borrow money, and it’s usually described as a percentage of the loan amount.
• Annual property tax: Property tax is levied by local governments on land and buildings, and it’s expressed as a percentage of the home’s assessed value. To find the local tax rate where you’re buying a home, search online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
• Monthly payment: This is what you’ll be billed for each month by your lender. The payment will go toward paying a number of costs, including your principal and interest, but possibly also your property tax, which this calculator will allow for if you enter your tax rate.
• Total interest paid: This is the accumulated amount of interest you’ll pay over the life of the loan. How much it will be is affected by your interest rate and loan term, among other factors.
• Total loan cost: This is the complete amount that you’ll repay, including principal and total interest.
How to Use the New York Mortgage Calculator
This calculator is designed to be easy to use. These step-by-step instructions tell you how.
Step 1: Enter Your Home Price
Input the price that you and the seller have agreed that you will pay for the property.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price that you will pay upfront. A down payment calculator can help you decide on the optimal amount for you.
Step 3: Choose a Loan Term
Select the duration over which you’ll repay the mortgage, which is typically 15 or 30 years. A longer term offers lower payments but higher interest costs over the long run.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. There are many expensive properties in New York, so you may want to look at rates that are likely to be available for a jumbo loan.
Step 5: Add Your Annual Property Tax
Enter the percentage of your home price that you will pay annually in property taxes. If your rate is 1.26%, for example, you’d enter 1.26. Including your tax rate helps ensure a more accurate estimate of your monthly mortgage expenses.
Benefits of Using a Mortgage Payment Calculator
There are several ways that using a mortgage calculator can be helpful when you’re trying to evaluate just how much you can afford to pay for a property — especially if you’re buying your first home. With the calculator, you can find out approximately how much your monthly payments and overall interest costs will be for a given mortgage amount, interest rate, and term. You can also compare alternatives by changing factors like your loan amount or interest rate to see how much impact the alterations might have on your budget.
This calculator is designed specifically for fixed-rate mortgages. If you opt for a type of mortgage loan that comes with a variable interest rate, you can still use this tool to estimate your costs, but be aware that the results will be less precise because of the fluctuations of variable rates.
Deciding How Much House You Can Afford in New York
In New York, as of late 2025, the median home sale price is $583,000. If you’re buying a home at that price, putting 20% down and financing the rest with a 30-year mortgage at a 7.00% interest rate, your monthly mortgage payment on principal and interest will be about $3,103. (Note that this estimate doesn’t include tax or homeowners insurance payments.)
To figure out how affordable that might be for you, let’s use the rule that lenders frequently follow: Your mortgage payment should be no more than 28% of your gross monthly income and your total debt should be no more than 36%. In this case, that would mean that you need an annual income of about $133,000 to buy a property at this price. That would leave you about $887 per month for other debts, like credit card payments, student loans, and car loans.
You can also try using a home affordability calculator to get an estimate of how expensive a home purchase will be workable for you. Additionally, It may be useful to go through the mortgage preapproval process with a potential lender. It will not only set you up to apply for a loan but will also give you an idea of how large a loan you can afford.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are the loan principal (the amount that you originally borrowed) and the interest that accrues on it. Additionally, depending on your loan and lender, your monthly payment may cover property tax, which this calculator can account for if you enter your tax rate. In some cases, payments might also include homeowners insurance, homeowners association (HOA) fees, and private mortgage insurance (PMI), if applicable.
Certain kinds of loan may come with their own costs, and in these cases, specialized tools may be helpful. For example, if you’re interested in an FHA loan (one guaranteed by the Federal Housing Administration), you might use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums. Similarly, a VA mortgage calculator can be helpful if you’re considering a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in New York
Overall, New York has a high cost of living, averaging 25.1% more than the national average. As you’re figuring out your costs, it’s important to remember that areas with a higher cost of living tend to have higher prices not only for homes, but also for utilities, home maintenance, transportation, and other necessities.
That said, even though New York state is not one of the best affordable places in the U.S., cost of living can vary enormously within the state. The Council for Community and Economic Research’s Cost of Living Index (COLI) compares the cost of living in major metro areas against the national average, which is 100, and as you can see below, there is a wide range, with some cities even falling below the national average.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Depending on your situation, some of these strategies may help you whittle down the size of your mortgage payments.
• Think about making a larger down payment. Paying more upfront may help you avoid having to pay PMI and allow you to secure better loan terms.
• Work on improving your credit score. A higher score can help you qualify for lower interest rates.
• Explore down payment assistance programs. These programs often target people buying their first home, but if you haven’t owned a home in the last three years, you may qualify as a first-time homebuyer and be able to get financial help with your down payment.
• Drop PMI as soon as you’re eligible. Once you have 20% equity in your home, you can request that your lender cancel your PMI payments.
• Appeal high property taxes. If you believe that your property has been overvalued, you can appeal the assessment to your tax authority.
• Lower your homeowners insurance premiums. Increase your deductible, bundle policies for a discount, or shop around for a cheaper homeowners insurance policy.
• Consider a mortgage refinance. If you currently have a home loan and a refi can lower your interest rate or extend your term, that may lower your payments.
New York First-Time Homebuyer Assistance Programs
If this is the first home you’ve bought, you’ll be glad to know that in New York there are assistance programs available to help you with the costs. The State of New York Mortgage Agency and other organizations offer several assistance programs for first-time homebuyers to provide low-interest and low-down payment loans and help with down payment and closing costs. If you’re a repeat buyer, be aware that you may still be considered as a first-time homebuyer as long as you haven’t owned a primary residence within the past three years.
The Takeaway
Using a New York mortgage calculator can enable you to make smart home purchasing decisions by showing you the financial results of different loan terms. Whether you’re buying your first home or looking to refinance your existing mortgage, this indispensable tool can let you make well-informed choices about your home loan options and ensure that your mortgage fits comfortably within your budget.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
What are principal and interest on a mortgage loan?
Principal is the amount of money that you borrow for your home loan, and interest is the cost you pay the lender of borrowing it.
Should I choose a 30-year or 15-year mortgage term?
The loan term that will work best for you will depend on your resources and needs. A 30-year term offers lower monthly payments, while a 15-year term lets you pay your loan off faster and pay less in total interest over the life of the loan.
How can I get a lower mortgage interest rate?
If you want to lower your mortgage interest rate, you can try to improve your credit score, shop around for lenders who might offer more favorable rates, or consider opting for a shorter loan term.
How much is a $600,000 mortgage payment for 30 years?
At a 7.00% interest rate, the monthly payment for a $600,000 mortgage over a 30-year term would be approximately $3,992. That estimate includes only principal and interest, not property taxes, homeowners insurance, or any other fees.
SoFi Mortgages
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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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