Estimate your monthly mortgage payment in New York — principal & interest plus New York property tax and homeowner’s insurance.
Buying a home in New York: what to know
New York is a two-speed market: the NYC metro drives the statewide $476,000 median sales price (Aug 2026, +5.8% YoY), while inventory has risen for 18 straight months to 34,037 units — yet 3.8 months of supply keeps it firmly a seller’s market. (NYSAR housing report, Sept 23, 2026) With a median home price of $526,714 (Zillow ZHVI, Aug 2026), 20% down means borrowing about $421,371 — within the 2026 conforming limit of $832,750 for most New York counties. Property taxes run about 1.3% of assessed value (effective rate), and insurance averages $1,628 a year statewide — both baked into the calculator above. First-time buyers should check out SONYMA Achieving the Dream Program and SONYMA DPAL PLUS 2026 before shopping lenders.
New York mortgage facts
| Fact | Figure |
|---|---|
| 2026 conforming loan limit (1-unit) | $832,750 |
| Median home price | $526,714 |
| Median effective property tax rate | 1.3% |
| Average homeowner’s insurance | $1,628/year |
Data as of October 2026. Sources: FHFA (2026 conforming limits), Zillow ZHVI (Aug 2026), Tax Foundation (2024 ACS data (Tax Foundation ‘Property Taxes by State and County, 2026’ report)), NAIC via Insurance Information Institute (2022 (NAIC data, reported by III May 2025)); rate: 7.40% (Freddie Mac PMMS, week ending October 15, 2026)
New York first-time buyer programs
- SONYMA Achieving the Dream Program — SONYMA’s lowest-rate 30-year fixed mortgage for first-time buyers: down payment as low as 3%, 1% minimum cash contribution, combinable with down payment assistance and other grants. Official site
- SONYMA DPAL PLUS 2026 — Limited 2026 enhanced down payment assistance loan of up to $30,000 for low-income buyers (max 60% AMI) using a SONYMA mortgage; launched July 1, 2026, first-come, first-served. Official site
How to use this calculator
Start with New York’s median home price (pre-filled above) or type the price of a home you’re eyeing. The calculator assumes 20% down — the threshold that avoids private mortgage insurance on conventional loans — and applies New York’s median property tax rate and average insurance premium so the monthly figure reflects the true cost of owning, not just principal and interest. Adjust the rate to a quote you’ve received; even half a point moves the payment by hundreds on a New York-priced home. Compare a 15-year term against 30 years to see the lifetime-interest tradeoff before you commit.
Worked example: a median New York home
Take a median-priced New York home at $526,714. With 20% down ($105,343), the loan amount is $421,371. At 7.40% (Freddie Mac PMMS, week ending October 15, 2026) on a 30-year fixed term, principal and interest come to $2,917.49/month. Add property tax of about $570.61/month (1.3% of $526,714, divided by 12) and insurance of about $135.67/month ($1,628 a year), for a total estimated payment of $3,623.76/month. Over 30 years, total interest would be about $628,925. Your rate, down payment, and county tax bill will move these numbers — use the calculator above with your own figures.
What is the conforming loan limit in New York for 2026?
The 2026 baseline conforming loan limit for a one-unit property is $832,750 across most of New York, per the FHFA’s November 2025 announcement.
How much are property taxes in New York?
The median effective property tax rate in New York is about 1.3% of a home’s assessed value (Tax Foundation, 2024 ACS data (Tax Foundation ‘Property Taxes by State and County, 2026’ report)). On a $526,714 home, that’s roughly $6,847 a year, or $570.61 a month — already included in the calculator above. Actual bills vary by county and municipality.
What is New York’s STAR program and who qualifies?
STAR gives primary-residence homeowners relief on school taxes: new applicants receive a state check or direct deposit. Basic STAR covers combined owner/spouse income of $500,000 or less; Enhanced STAR for seniors 65+ ($110,750 income cap for 2026–27). The old bill-reduction exemption is grandfathered only — no new applicants since 2015.
Is there extra down payment help for low-income NY buyers beyond the standard DPAL?
Yes: DPAL PLUS 2026 offers up to $30,000 in down payment/closing-cost help to buyers at or below 60% of area median income, available statewide until funds run out.