See your full monthly payment — principal, interest, New York property tax (1.4%), insurance, and PMI. All calculated in your browser. No email required.
New York's median home price of $648,000 includes everything from $250,000 homes in western New York to $1.5 million condos in Westchester. If you're buying outside NYC, your monthly payment on a 20% down, 30-year loan runs about $4,448/month all-in — P&I at $3,492, property tax at $756, and insurance at around $200.
What most buyers don't see until closing: New York has a mortgage recording tax. Outside New York City, it's 0.8% of the loan amount. On a $518,400 loan, that's an extra $4,147 at closing — on top of your standard closing costs. Inside NYC, it's 1.8–2.05%. This is money you can't finance; it comes out of pocket at the table.
And if you're buying a co-op, the calculator above won't cover everything. Co-ops have monthly maintenance fees that function like a combination of HOA fees and the building's property tax share. On a $650,000 Manhattan co-op, maintenance alone can run $2,000–3,500/month. Add your mortgage and you're looking at a very different calculation than the numbers suggest.
State-specific answers. No fluff.
On the New York statewide median home price of $648,000 with 20% down and a 30-year loan at current rates, the monthly P&I is roughly $3,492. Add property tax at 1.40% ($756/month) and homeowners insurance (~$200/month) and your total PITI is approximately $4,448/month. NYC buyers face substantially higher numbers.
New York charges a mortgage recording tax at closing. Outside New York City, the rate is 0.8% of the loan amount plus $0.05 per $100. Inside NYC, it ranges from 1.8% to 2.05% depending on loan amount. On a $518,000 loan outside NYC, this is approximately $4,147 — money paid at closing that cannot be rolled into the mortgage.
Co-op buyers purchase shares in a corporation rather than real property, which means different financing rules (no FHA or VA loans on most co-ops), board approval processes, and monthly maintenance fees that include the building's property tax share. Maintenance fees on NYC co-ops often run $1,500–4,000/month on top of your mortgage payment.
Yes. New York's STAR (School Tax Relief) program provides a partial exemption from school property taxes for owner-occupied primary residences. Basic STAR exempts the first $30,000 of assessed value from school taxes for homeowners under $500,000 income. Enhanced STAR is available for homeowners 65+ with income under $98,700 (2026 limit).
New York State charges a 1% transfer tax on residential purchases over $1,000,000. In NYC, there's an additional progressive mansion tax ranging from 1.25% to 3.9% for purchases over $2 million. On a $1.5 million purchase in NYC, the combined mansion tax can run $25,000–40,000, which must be paid by the buyer at closing.
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