Mortgage Calculator & Closing Costs: Binghamton, NY
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Binghamton, New York.
Median Home Price
$125K
Population
48K
Avg Monthly Rent
$850
Property Tax Rate
1.72% *
* Property tax shown is the New York state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Binghamton.
Binghamton vs New York Median
The median home price in Binghamton is $125,000, which is 71% below the New York state median of $430,000.
Mortgage Calculator — Binghamton, NY
Pre-filled with Binghamton median home price and New York tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $125K home using New York's 1.72% tax rate and $2,100/yr insurance.
5% Down
$1,174/mo
Down: $6,250
Loan: $119K
P&I: $751
Tax: $179
Insurance: $175
PMI: $69
10% Down
$1,131/mo
Down: $12,500
Loan: $113K
P&I: $711
Tax: $179
Insurance: $175
PMI: $66
20% Down (No PMI)
$986/mo
Down: $25,000
Loan: $100K
P&I: $632
Tax: $179
Insurance: $175
Income needed (28% rule): $42K/year with 20% down, $48K/year with 10% down.
Rent vs Buy in Binghamton
Rent
$850/mo
vs
Buy (10% down)
$1,131/mo
Price-to-rent ratio: 12.3 — With a ratio under 15, buying in Binghamton is likely more cost-effective than renting if you plan to stay 3+ years. The monthly cost of buying is $281 more than renting, but you build equity with every payment.
The median home price in Binghamton is $125,000, 71% below the New York state median of $430,000. With a population of 47,969, Binghamton is a smaller market where home prices tend to be more accessible than in many parts of New York.
Property taxes in New York average 1.72% annually. This higher-than-average tax rate means a $125,000 home in Binghamton would carry roughly $179/month in property taxes alone — plan accordingly. Homeowners insurance in New York runs approximately $2,100 per year. This is within the normal range nationally.
Average rent in Binghamton is $850/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Binghamton over the long term.
Binghamton offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with New York's SONYMA Achieving the Dream program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Binghamton.