Mortgage Calculator & Closing Costs: Saratoga Springs, NY
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Saratoga Springs, New York.
Median Home Price
$425K
Population
28K
Avg Monthly Rent
$1,720
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 Saratoga Springs.
Saratoga Springs vs New York Median
The median home price in Saratoga Springs is $425,000, which is roughly in line with the New York state median of $430,000.
Mortgage Calculator — Saratoga Springs, NY
Pre-filled with Saratoga Springs median home price and New York tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $425K home using New York's 1.72% tax rate and $2,100/yr insurance.
5% Down
$3,572/mo
Down: $21,250
Loan: $404K
P&I: $2,552
Tax: $609
Insurance: $175
PMI: $236
10% Down
$3,425/mo
Down: $42,500
Loan: $383K
P&I: $2,418
Tax: $609
Insurance: $175
PMI: $223
20% Down (No PMI)
$2,933/mo
Down: $85,000
Loan: $340K
P&I: $2,149
Tax: $609
Insurance: $175
Income needed (28% rule): $126K/year with 20% down, $147K/year with 10% down.
Rent vs Buy in Saratoga Springs
Rent
$1,720/mo
vs
Buy (10% down)
$3,425/mo
Price-to-rent ratio: 20.6 — At a ratio above 20, renting may be more economical in Saratoga Springs for shorter stays. Buying costs $1,705 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Saratoga Springs is $425,000, roughly in line with the New York state median of $430,000. With a population of 28,491, Saratoga Springs 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 $425,000 home in Saratoga Springs would carry roughly $609/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 Saratoga Springs is $1,720/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Saratoga Springs is a higher-cost market. At $425K 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 Saratoga Springs.