Mortgage Calculator & Closing Costs: New York City, NY
Mortgage payment estimates, closing cost breakdowns, and homebuying data for New York City, New York.
Median Home Price
$750K
Population
8.3M
Avg Monthly Rent
$3,500
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 New York City.
New York City vs New York Median
The median home price in New York City is $750,000, which is 74% above the New York state median of $430,000.
Mortgage Calculator — New York City, NY
Pre-filled with New York City median home price and New York tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $750K home using New York's 1.72% tax rate and $2,100/yr insurance.
5% Down
$6,169/mo
Down: $37,500
Loan: $713K
P&I: $4,503
Tax: $1,075
Insurance: $175
PMI: $416
10% Down
$5,910/mo
Down: $75,000
Loan: $675K
P&I: $4,266
Tax: $1,075
Insurance: $175
PMI: $394
20% Down (No PMI)
$5,042/mo
Down: $150,000
Loan: $600K
P&I: $3,792
Tax: $1,075
Insurance: $175
Income needed (28% rule): $216K/year with 20% down, $253K/year with 10% down.
Rent vs Buy in New York City
Rent
$3,500/mo
vs
Buy (10% down)
$5,910/mo
Price-to-rent ratio: 17.9 — A ratio between 15-20 means the rent vs buy decision in New York City depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in New York City is $750,000, 74% above the New York state median of $430,000. With a population of 8,336,817, New York City is a major metro area where home prices reflect strong demand and local economic factors.
Property taxes in New York average 1.72% annually. This higher-than-average tax rate means a $750,000 home in New York City would carry roughly $1,075/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 New York City is $3,500/month. The price-to-rent ratio in New York City is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
New York City is a higher-cost market. At $750K median, buyers need significant savings or strong income. Down payment assistance through New York's SONYMA Achieving the Dream program becomes especially important.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in New York City.