NYC Mortgage Calculator 2025
Homeownership in New York City offers unique opportunities across five diverse boroughs with distinctive neighborhoods and varied price points. Use our NYC mortgage calculator to estimate your monthly payments based on loan amount, interest rate, mansion tax, property tax, and more. Whether you're buying a co-op in Manhattan or a house in Queens, this tool helps you understand what you can afford in America's largest city.
Last updated: June 2025
Manually verified by: ManyCalcs team
Data source: NYC Department of Finance, StreetEasy, NYC Planning, NYS Dept. of Taxation & Finance
Why use an NYC Mortgage Calculator?
NYC has unique costs like mansion tax (1-3.9% for $1M+ homes), flip tax (varies by building), and high mortgage recording tax (1.8-1.925%). This calculator estimates your payment, mansion tax, flip tax, and total closing costs for all five boroughs.
NYC has unique costs like mansion tax (1-3.9% for $1M+ homes), flip tax (varies by building), and high mortgage recording tax (1.8-1.925%). This calculator estimates your payment, mansion tax, flip tax, and total closing costs for all five boroughs.
Result
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Quick Comparisons
| Option | Monthly Payment | Total Interest | Total Cost |
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Payment Schedule
| Loan Amount | $0 | Monthly Payment | $0 |
| Total Interest | $0 | Total Cost | $0 |
Payment Breakdown Over Time
Showing monthly payments
| Payment # | Payment | Principal | Interest | Balance |
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Note: This schedule shows principal and interest only. Your actual monthly payment will also include property taxes, PMI, and insurance as calculated above.
Related Financial Tools
NYC Mortgage & Transfer Taxes: 1.8% mortgage tax (1.925% for loans over $500K), plus mansion tax (1-3.9% for $1M+ properties), plus transfer tax (1.425% for $500K+ properties). Total NYC closing costs typically 4-6% of the purchase price.
Average Home Prices by NYC Borough (2025)
| Borough | Single Family | Townhouse | Co-op | Condo |
|---|---|---|---|---|
| Manhattan | $2,500,000 | $1,800,000 | $950,000 | $1,200,000 |
| Brooklyn | $1,200,000 | $950,000 | $650,000 | $750,000 |
| Queens | $850,000 | $650,000 | $450,000 | $550,000 |
| Bronx | $650,000 | $500,000 | $350,000 | $450,000 |
| Staten Island | $750,000 | $600,000 | $400,000 | $500,000 |
Mobile Note: On small screens, some columns are hidden for better readability.
Prices are approximate averages for 2025 and may vary by property features and exact location within neighborhoods.
NYC Mortgage Economic Overview (2025)
Current NYC Mortgage Rates
- 30-Year Fixed: 6.8% - 7.2%
- 15-Year Fixed: 6.3% - 6.7%
- 5/1 ARM: 6.1% - 6.5%
- VA Loans: 6.5% - 6.9%
- FHA Loans: 6.7% - 7.1%
Rates vary by lender, credit score, and down payment. NYC metro rates reflect premium market conditions
Source: NYC Housing Preservation & Development, NY State Housing Authority
Source: NYC Housing Preservation & Development, NY State Housing Authority
NYC Economic Indicators
- Unemployment: 3.8%
- Median Income: $82,500
- Finance Jobs: 14%
- Min Wage: $15.00/hr
- Population: 8,336,817
NYC Housing Market Trends
Homeownership Rates
- NYC: 32.1%
- New York State: 54.3%
- First-Time Buyers: 45%
- Cash Purchases: 42%
Market Activity
- Home Sales (YoY): -12.2%
- Days on Market: 45 days
- Inventory: 2.1 months
- Price Growth: +1.8%
Affordability Index
- NYC Affordability: 8%
- Income Needed: $285,000
- Median Income: $82,500
- Housing Burden: 52.1%
NYC Neighborhood Housing Data (2025)
| Neighborhood | Median Price | Price/SqFt | Days on Market | Median Rent | Afford % |
|---|---|---|---|---|---|
| Upper East Side | $1,850,000 | $1,580 | 35 days | $4,800 | 3% |
| Park Slope | $1,650,000 | $1,420 | 42 days | $4,200 | 4% |
| Williamsburg | $1,350,000 | $1,280 | 38 days | $3,850 | 5% |
| Astoria | $875,000 | $850 | 48 days | $2,950 | 12% |
| Riverdale | $650,000 | $485 | 52 days | $2,400 | 18% |
| Staten Island | $750,000 | $425 | 58 days | $2,200 | 22% |
Affordability %: Percentage of NYC households that can afford median-priced home with 20% down payment
Sources: StreetEasy Market Reports, StreetEasy Market Data, NYC Department of City Planning
Sources: StreetEasy Market Reports, StreetEasy Market Data, NYC Department of City Planning
Factors Increasing NYC Home Costs
- Mansion Tax: 1-3.9% on homes $1M+ significantly increases closing costs
- Mortgage Recording Tax: 1.8-1.925% adds to borrowing costs
- Limited Land Supply: Geographic constraints drive competition
- Co-op Requirements: High down payments (20-50%) and financial reserves
- Regulatory Environment: Complex zoning and development approval processes
- Investment Demand: International and domestic investment capital
NYC Housing Opportunities
- Remote Work Flexibility: Reduced need to live in Manhattan core areas
- Outer Borough Growth: Brooklyn, Queens offering better value
- Mitchell-Lama Co-ops: Below-market housing programs
- NYC Housing Connect: Affordable housing lottery system
- New Development: Rezoning creating more housing units
- Interest Rate Fluctuations: Market volatility creating buying opportunities
NYC Housing Affordability Challenges
Key Challenges:
- Only 18% of households can afford median-priced home
- $185,000 annual income needed for median home purchase
- Median home price 8.2x median household income
- Rental costs consume 39% of median income
Contributing Factors:
- Housing shortage (estimated 30,000+ unit deficit)
- Port and industrial areas limiting residential expansion
- Foreign investment and cash buyers
- Complex zoning and environmental regulations
Impact: Many NYC residents move to outer boroughs or suburbs in NJ, CT, and Long Island. Essential workers struggle to afford housing near their jobs.
2025 NYC Housing Market Outlook
Price Projections
- 2025 Growth: +1% to +3%
- Prime Areas: +2% to +4%
- Outer Districts: +0% to +2%
- Condos: +1% to +3%
Market Conditions
- Sales Volume: Gradual recovery expected
- Inventory: Slight improvement to 2.5 months
- New Construction: 5,000 new units planned
- Tech Employment: Cautious hiring, remote work continues
Rate Expectations
- Q2 2025: 6.5% - 7.0%
- Q3 2025: 6.0% - 6.5%
- Q4 2025: 5.5% - 6.0%
- Risk: Fed policy uncertainty could delay cuts
Bottom Line: NYC's housing market remains challenging but stable. Outer boroughs offer better value, and new development may provide opportunities for qualified buyers in 2025.
NYC Economy & Lifestyle Guide
Economic Overview
Industry Composition
- Financial Services: 18% (Wall Street, major banks)
- Healthcare: 14% (NYU, Mount Sinai, Columbia)
- Technology: 12% (Google, Meta, startups)
- Real Estate: 10%
- Media/Entertainment: 8% (TV, publishing, advertising)
- Other: 38%
Economic Indicators
- GDP per Capita: $95,000
- Job Growth (YoY): +2.1%
- Venture Capital: $14.2B (2024)
- Fortune 500 HQs: 58 companies
- Tourist Visitors: 66M annually
- Foreign Investment: $28.5B annually
Cost of Living
Monthly Expenses (Single Person)
- 1BR Apartment Rent: $3,200 - $5,500
- Utilities: $180 - $300
- Groceries: $500 - $750
- Transportation (MTA): $132
- Dining Out: $400 - $1,000
- Total Monthly: $4,412 - $7,682
Family of 4 Expenses
- 3BR Apartment/House: $6,500 - $12,000
- Childcare (2 kids): $3,500 - $5,500
- Groceries: $1,000 - $1,500
- Total Monthly: $11,000 - $19,000
Quality of Life
Advantages
- Four distinct seasons and cultural diversity
- World-class dining, arts, and entertainment
- Extensive public transportation (subway, bus)
- Central Park and waterfront access
- Walkable neighborhoods and bike lanes
- Career opportunities across all industries
Challenges
- Extremely high housing and living costs
- Crowded public spaces and noise levels
- Limited parking and high car ownership costs
- High state and local taxes
- Harsh winters and hot summers
Transportation & Commuting
Public Transit
- Subway: 24/7 service across all boroughs
- Bus: Extensive citywide coverage
- LIRR/NJ Transit: Suburban connections
- Ferry: Staten Island and waterfront routes
- Monthly Pass: $132 (MTA unlimited)
Car Ownership
- Parking: $300-800/month private
- Street Parking: Limited, meter/permit zones
- Gas: $3.50-4.50/gallon
- Insurance: $2,500-4,000/year
- Alternative: Zipcar, Citi Bike, ride-sharing
Commute Times
- Within Manhattan: 15-35 minutes
- Manhattan to Brooklyn: 25-45 minutes
- Manhattan to Queens: 30-60 minutes
- To Westchester/NJ: 45-90 minutes
- Peak Hours: 7-9 AM, 5-7 PM
NYC First-Time Buyer Programs
HomeFirst Down Payment Assistance
Program Details
- Loan Amount: Up to $100,000 (0% interest)
- Repayment: When you sell, transfer, or refinance
- Income Limits: Up to 80% of Area Median Income
- First-Time Buyer: Required (with some exceptions)
- Homebuyer Education: 8-hour course required
Income Limits (2025)
- 1 Person: $89,600
- 2 Person: $102,400
- 3 Person: $115,200
- 4 Person: $128,000
Mitchell-Lama Housing
Affordable Co-op Program
- Discount: Units sold at below-market prices
- Income Limits: 80-165% of Area Median Income
- Resale Restrictions: Limited appreciation upon sale
- Waiting Lists: Many buildings have long waiting periods
- NYC Preference: City residents get priority
Recent Mitchell-Lama Prices
- 1 Bedroom: $385,000 - $550,000
- 2 Bedroom: $450,000 - $750,000
- 3 Bedroom: $650,000 - $950,000
Additional Resources
Homebuyer Education
Financing Options
- FHA loans (3.5% down payment)
- VA loans (0% down for eligible veterans)
- Conventional loans with PMI
- State of New York Mortgage Agency (SONYMA)
Frequently Asked Questions
NYC property tax rates vary by borough and property type. Effective rates are approximately: Manhattan 0.85%, Brooklyn 0.69%, Queens 0.74%, Bronx 0.92%, Staten Island 0.68%. Co-ops and condos typically have lower effective rates due to NYC's complex assessment system. Property taxes are paid quarterly. See the NYC Department of Finance for current rates and payment information.
NYC has multiple transfer taxes: (1) NYC Transfer Tax of 1.425% for properties $500K+, (2) NYS Transfer Tax of 0.4%, and (3) Mansion Tax of 1-3.9% for properties $1M+. Combined, these can add 2-5% to your closing costs. The mortgage recording tax is 1.8% (1.925% for loans over $500K). These are typically paid by the buyer. For a $2M home, total transfer taxes could exceed $100,000.
Yes, several programs exist:
- HomeFirst Down Payment Assistance: Up to $100,000 at 0% interest for qualified buyers
- Mitchell-Lama Housing: Below-market co-ops with income restrictions
- NYC Housing Connect: Affordable housing lottery system
- Income Limits: Generally up to 80-120% of Area Median Income ($179,200 for family of 4)
For a median-priced home ($1.2M) with 20% down, you typically need:
- Annual Income: $285,000+ (28% debt-to-income rule)
- Down Payment: $240,000 (20%)
- Monthly Payment: $6,700+ (including taxes, insurance, HOA)
- Credit Score: 700+ for best rates
While no NYC neighborhood is truly "affordable," relatively lower-cost options include:
- The Bronx: $450-650K median, family-friendly, good transit access
- Staten Island: $500-750K median, suburban feel, requires car
- Outer Queens: $550-750K median, diverse communities, commuter-friendly
- East Brooklyn: $600-850K median, up-and-coming areas
This depends on your financial situation and timeline:
Consider Buying If:
- Planning to stay 7+ years
- Income $250,000+ and stable job
- Have 20%+ down payment saved
- Want to build equity and stability
Consider Renting If:
- Career uncertainty or frequent moves
- Don't have large down payment
- Want flexibility and lower commitment
- Prefer not to handle maintenance
Current rent-to-price ratios in NYC generally favor renting short-term, but rent-stabilized apartments and building equity make buying attractive for long-term residents with sufficient income.
How Mortgage Rules Work in NYC
NYC Taxes & Fees
- Property Tax: NYC property tax rates vary by borough (0.68-0.92% effective rate). Co-ops and condos often have lower rates due to assessment differences. Taxes are paid quarterly. See the NYC Department of Finance for details.
- Mansion Tax: 1-3.9% graduated tax on properties $1M+. Paid by buyer at closing.
- Mortgage Recording Tax: 1.8% (1.925% for loans >$500K) paid by buyer on the loan amount.
Insurance & PMI
- PMI (Private Mortgage Insurance): Required when your down payment is under 20%. PMI is added to your monthly payment until you build 20% equity or refinance.
- Homeowners Insurance: Required by all lenders. NYC premiums average $1,500-3,000/year depending on property value and coverage.
- Flood Insurance: May be required in certain zones. Costs $400-1,200/year through FEMA's National Flood Insurance Program.
- Title Insurance: Protects against ownership disputes, required by lenders.
Closing Costs Example
Example: On a $1,200,000 home with 20% down ($240,000) in NYC:
Loan Details
- Loan Amount: $760,000
- Monthly P&I (6.5%): $4,804
- Property Tax (monthly): $989
- Insurance (monthly): $120
- Total Monthly: $5,913
Closing Costs
- Loan Fees: $3,000 - $6,000
- Title/Escrow: $2,000 - $3,500
- Inspections/Appraisal: $2,000 - $3,000
- Prepaid Taxes/Insurance: $8,000 - $12,000
- Total Closing Costs: $18,000 - $30,000
Note: Transfer tax is typically paid by seller but may affect negotiated purchase price. Closing costs are separate from your down payment requirement.
Legal Disclaimer & Terms of Use
No Financial Advice
This calculator and all content on this page are provided for educational and informational purposes only. Nothing contained herein constitutes financial, legal, tax, real estate, investment, or professional advice of any kind. We are not licensed financial advisors, mortgage brokers, real estate agents, or legal professionals.
Accuracy Disclaimer
While we strive for accuracy, we make no representations or warranties about the accuracy, completeness, or suitability of the information provided. Calculations are estimates only and may not reflect actual loan terms, rates, or costs. All financial data, tax rates, and market information are subject to change without notice.
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We disclaim all liability for any damages, losses, or expenses arising from your use of this calculator or reliance on the information provided. This includes but is not limited to direct, indirect, incidental, consequential, or punitive damages.
Professional Consultation Required
Before making any financial decisions, you must consult with qualified professionals including:
- Licensed mortgage brokers or loan officers
- Certified financial planners (CFP)
- Real estate professionals and agents
- Tax advisors and CPAs
- Real estate attorneys
- Insurance professionals
NYC Market Volatility
NYC real estate markets, interest rates, and lending requirements change frequently. Information provided may become outdated quickly. Always verify current rates, terms, regulations, and NYC-specific requirements with official sources and licensed professionals.
Individual Circumstances
Every individual's financial situation is unique. Factors such as credit score, employment history, debt-to-income ratio, assets, co-op board requirements, and local NYC market conditions significantly impact actual loan terms and affordability. Generic calculations cannot account for these variables.
By using this calculator, you acknowledge that you understand and agree to these terms and limitations.
Last updated: June 27, 2025 | This disclaimer applies to all content and calculations on this page | NYC-specific tax and fee information subject to change