Principal and interest
The loan payment itself. On a $600,000 loan at 7.32% for 30 years, it is $4,121.58 a month. It stays the same on a fixed-rate loan.
Loans & mortgage tools
NYC Monthly Mortgage Payments by Price Range (2026)
See what a mortgage costs per month in New York City in 2026, from a $300,000 home to $2 million. At today’s 30-year rate of 7.32% (Freddie Mac, October 22, 2026), a $750,000 NYC home with 20% down costs about $4,834 a month with property tax and insurance.
Use the calculator to test your own price, down payment, and rate. It adds NYC property tax, insurance, co-op or condo charges, PMI, closing costs, and the income you need.
Enter your home details
Changing the type fills in typical tax, insurance, and monthly charge amounts. You can edit them below.
Simple estimate: Uses a fixed-rate loan. PMI is estimated at 0.5% of the loan a year when you put down less than 20%. Closing costs are estimates. It does not include a co-op board’s rules, flip tax, or moving costs.
Your monthly payment
Estimated total monthly housing cost
$4,834.08
$600,000 loan · 30 years at 7.32%
Mortgage (principal and interest)$4,121.58
Property tax$562.50
Insurance$150.00
Common charges or maintenance$0.00
Mortgage insurance (PMI)$0.00
Income needed (28% rule)$207,175
Share of your gross income38.7%
Down payment$150,000.00
Mortgage recording tax$11,550.00
Mansion tax$0.00
Other closing costs (estimate)$7,500.00
Cash needed at closing$169,050.00
Total interest over the loan$883,770.14
At $4,834 a month, your housing cost is about 38.7% of your gross income, which is above the common 28% guideline. A larger down payment, a lower price, or a higher income would make this safer.
This is an estimate, not a loan offer. Your lender’s rate, fees, and approval rules, and your building’s charges, will change the real numbers.
What is the average monthly mortgage payment in New York City?
A buyer who puts 20% down on the NYC median home of about $885,000 pays roughly $5,677 a month in 2026: $4,863 for the mortgage at 7.32%, plus about $664 for property tax and $150 for insurance. That is far above the US average of about $2,044 a month on all home loans. Most of the gap comes from higher prices, since existing owners who bought years ago pay much less. Use the calculator above for your own price.
How to use this NYC mortgage payment calculator
- Enter the home price and down payment. The calculator starts at $750,000 with 20% down.
- Add your mortgage rate and loan term. The default is the October 22, 2026 Freddie Mac 30-year average of 7.32%. Use the rate your lender quotes.
- Choose house, condo, or co-op. This fills in typical property tax, insurance, and monthly building charges, which you can change.
- Enter your yearly income. The calculator shows how much of your income the home would use and the income lenders usually want to see.
- Read your monthly payment and cash to close. See every part of the payment, the NYC closing costs, and the total interest.
Tip: select the small i button next to any label to see a simple explanation.
NYC monthly mortgage payments by price range (2026)
This table shows the monthly payment for NYC homes from $300,000 to $2 million. It assumes 20% down, a 30-year loan at 7.32%, property tax at 0.9% of the price a year, and $150 a month for insurance. The $885,000 row is the NYC median sale price (PropertyShark, September 2026).
| Home price | Loan (80%) | Mortgage (P&I) | Property tax | Insurance | Total per month | Income needed (28% rule) |
|---|---|---|---|---|---|---|
| $300,000 | $240,000 | $1,648.63 | $225.00 | $150.00 | $2,023.63 | $86,727 |
| $400,000 | $320,000 | $2,198.18 | $300.00 | $150.00 | $2,648.18 | $113,493 |
| $500,000 | $400,000 | $2,747.72 | $375.00 | $150.00 | $3,272.72 | $140,260 |
| $600,000 | $480,000 | $3,297.27 | $450.00 | $150.00 | $3,897.27 | $167,026 |
| $750,000 | $600,000 | $4,121.58 | $562.50 | $150.00 | $4,834.08 | $207,175 |
| $885,000 (NYC median) | $708,000 | $4,863.47 | $663.75 | $150.00 | $5,677.22 | $243,309 |
| $1,000,000 | $800,000 | $5,495.44 | $750.00 | $150.00 | $6,395.44 | $274,090 |
| $1,250,000 | $1,000,000 | $6,869.31 | $937.50 | $150.00 | $7,956.81 | $341,006 |
| $1,500,000 | $1,200,000 | $8,243.17 | $1,125.00 | $150.00 | $9,518.17 | $407,921 |
| $2,000,000 | $1,600,000 | $10,990.89 | $1,500.00 | $150.00 | $12,640.89 | $541,752 |
For a condo or co-op, replace the property tax with the monthly common charges or maintenance, which often run $800 to $1,500 or more. Co-op maintenance usually includes the building’s property tax.
What is the average monthly mortgage payment in 2026?
The answer depends on which group you measure. The Federal Housing Finance Agency reported an average payment of $2,044 a month across all outstanding US home loans in the second quarter of 2026. The Mortgage Bankers Association’s median for new purchase applicants was $2,162 in August 2026. The Federal Reserve’s survey found a median of $1,600 for all existing mortgage holders in late 2025, which is lower because many owners locked in low rates before 2022.
| Measure | Monthly payment | Source and period |
|---|---|---|
| Average, all outstanding US mortgages | $2,044 | FHFA National Mortgage Database, Q2 2026 |
| Median, new purchase applicants | $2,162 | Mortgage Bankers Association, August 2026 |
| Median, all existing mortgage holders | $1,600 | Federal Reserve SHED, late 2025 |
| NYC median home, 20% down (this page) | $5,677 | 7.32% rate, $885,000 price |
Payments are higher in the Northeast, where the FHFA average for the region is $2,332. NYC prices push a new buyer’s payment well above the national figures.
Why NYC payments are higher
Three things drive the gap. Prices are higher, so the loan is larger. The 30-year rate rose from 6.19% a year ago to 7.32% in October 2026, so each dollar borrowed costs more. And NYC buyers often pay building charges on top of the mortgage when they buy a condo or co-op.
What makes up an NYC mortgage payment
Your monthly cost is more than the loan payment. These are the parts the calculator adds up.
Property tax
NYC effective property tax rates are low compared with most of New York State: about 0.7% in Brooklyn, 0.87% in Queens, 0.92% in Manhattan and Staten Island, and about 1% in the Bronx. This page uses 0.9% for houses.
Insurance
Homeowners insurance for a house is a few thousand dollars a year. Condo and co-op owners need a smaller policy that covers the inside of the unit, so this page uses $150 for a house and $50 for a unit.
Common charges or maintenance
Condo owners pay common charges, and co-op owners pay maintenance, to the building. Co-op maintenance usually includes property tax and the building’s own mortgage.
PMI
With less than 20% down, lenders usually require private mortgage insurance. This page estimates 0.5% of the loan a year. Many co-ops also require 20% to 25% down or more.
Closing costs
NYC buyers often pay 2% to 5% of the price at closing, depending on whether it is a co-op, condo, or house. Co-ops cost less because they skip the mortgage recording tax.
How down payment, rate, and loan term change the payment
These tables use a $750,000 NYC home with property tax of 0.9% a year and $150 a month for insurance.
Down payment: 10%, 20%, or 30%
| Down payment | Cash down | Loan | Mortgage (P&I) | PMI | Total per month | Income needed (28% rule) |
|---|---|---|---|---|---|---|
| 10% | $75,000 | $675,000 | $4,636.78 | $281.25 | $5,630.53 | $241,309 |
| 20% | $150,000 | $600,000 | $4,121.58 | $0 | $4,834.08 | $207,175 |
| 30% | $225,000 | $525,000 | $3,606.39 | $0 | $4,318.89 | $185,095 |
Interest rate: what each point costs
| 30-year rate | Mortgage (P&I) | Total per month | Compared with 7.32% |
|---|---|---|---|
| 6.00% | $3,597.30 | $4,309.80 | $524 less |
| 6.50% | $3,792.41 | $4,504.91 | $329 less |
| 7.00% | $3,991.81 | $4,704.31 | $130 less |
| 7.32% (Oct 22, 2026) | $4,121.58 | $4,834.08 | Baseline |
| 8.00% | $4,402.59 | $5,115.09 | $281 more |
15-year vs 30-year loan
| Loan term | Rate | Mortgage (P&I) | Total per month | Total interest |
|---|---|---|---|---|
| 30 years | 7.32% | $4,121.58 | $4,834.08 | $883,770 |
| 15 years | 6.68% | $5,286.20 | $5,998.70 | $351,516 |
A 15-year loan costs about $1,165 more a month but saves about $532,000 in interest. A 20-year loan falls between the two. Rates are the Freddie Mac averages from October 22, 2026, and your own quote may differ.
What salary to afford a $1,000,000 house?
For a $1,000,000 home with 20% down at 7.32%, the monthly cost is about $6,395. Under the common 28% rule, you need an income of about $274,000. If you use the looser 36% limit for housing, the number drops to about $213,000, but that leaves no room for other debt such as a car loan or student loans. You would also need about $235,000 in cash at closing: $200,000 for the down payment plus about $35,000 for a condo or house, which includes a $10,000 mansion tax and a $15,400 mortgage recording tax.
| Home price | Total per month | Income needed at 28% | Income needed at 36% |
|---|---|---|---|
| $500,000 | $3,272.72 | $140,260 | $109,091 |
| $750,000 | $4,834.08 | $207,175 | $161,136 |
| $1,000,000 | $6,395.44 | $274,090 | $213,181 |
| $1,500,000 | $9,518.17 | $407,921 | $317,272 |
| $2,000,000 | $12,640.89 | $541,752 | $421,363 |
The 28% rule means housing costs should not pass 28% of your gross income. Lenders also look at a 36% limit that includes all your debts, and many accept up to about 43% to 45%. Co-op boards are often stricter and may also ask for savings left over after you close.
Can I afford a $300k house on a $70k salary?
It is tight, but it can work with a bigger down payment. A $300,000 home with 20% down costs about $2,024 a month, which is 34.7% of a $70,000 salary and above the 28% guideline. A $70,000 income fits a home of about $237,500 under the 28% rule. With 30% down, the payment drops to about $1,818, or 31.2% of income. With only 10% down, PMI pushes it to about $2,342, or 40.2%.
Can I afford a $300k house on a 50k salary?
Probably not in NYC without help. The same $300,000 home costs about $2,024 a month, which is 48.6% of a $50,000 salary. Most lenders want housing to stay well under 45% of income even with other debts, so you would need a much larger down payment, a lower price (about $163,000 fits the 28% rule), or a higher income. First-time buyer programs and a lower rate can help.
| $300,000 home | Total per month | Share of $70,000 income | Share of $50,000 income |
|---|---|---|---|
| 10% down (with PMI) | $2,342.21 | 40.2% | 56.2% |
| 20% down | $2,023.63 | 34.7% | 48.6% |
| 30% down | $1,817.55 | 31.2% | 43.6% |
Uses 7.32%, a 30-year loan, 0.9% property tax, and $150 insurance. A $300,000 budget in NYC usually means a studio or small co-op, where building charges add to the payment. To see your take-home pay first, use the NYC paycheck calculator.
NYC closing costs and cash to close by price
NYC has taxes most cities do not. Condo and house buyers pay a mortgage recording tax of 1.8% of the loan under $500,000, or 1.925% from $500,000. Co-op buyers are exempt. Buyers also pay the NY State mansion tax on purchases of $1 million or more, starting at 1%. This table uses 20% down.
| Home price | Mortgage recording tax (condo) | Mansion tax | Other costs (estimate) | Closing costs (condo) | Cash to close (condo) | Cash to close (co-op) |
|---|---|---|---|---|---|---|
| $500,000 | $7,200 | $0 | $5,000 | $12,200 (2.4%) | $112,200 | $106,000 |
| $750,000 | $11,550 | $0 | $7,500 | $19,050 (2.5%) | $169,050 | $156,000 |
| $1,000,000 | $15,400 | $10,000 | $10,000 | $35,400 (3.5%) | $235,400 | $216,000 |
| $1,500,000 | $23,100 | $15,000 | $15,000 | $53,100 (3.5%) | $353,100 | $321,000 |
| $2,000,000 | $30,800 | $25,000 | $20,000 | $75,800 (3.8%) | $475,800 | $431,000 |
Transfer taxes are normally paid by the seller. Co-op closing costs include a $6,000 estimate for fees and the mansion tax at $1 million and above. The mansion tax rises above 1% on prices over $2 million. Ask your attorney for exact figures.
Are home prices dropping in NYC?
Not overall. Prices are flat to higher in most of NYC in 2026, though high mortgage rates have slowed buyers. Here is what the third-quarter 2026 reports show.
- Manhattan: The median sale price hit a third-quarter record of $1.25 million, up 4% from a year earlier, and rose year over year for the seventh straight quarter (Corcoran). Resale condos reached a record median of $1.65 million, while the resale co-op median stayed flat at $875,000. Signed contracts slipped 6% as higher rates and thin supply gave buyers pause.
- Queens: The median price was about $762,000 in Q3 2026, up 8.9% from a year earlier (PropertyShark).
- Brooklyn: Sources differ because they count different property types. One MLS-based report shows a median near $836,000, down 2.1% from last year, while other datasets show higher prices and gains. Listings have grown, which gives buyers more choice.
- Citywide: The NYC median sale price was about $885,000 in September 2026 (PropertyShark).
Mortgage rates are the main pressure. The 30-year average was 7.32% on October 22, 2026, up from 6.19% a year earlier. Forecasts for 2027 vary widely, so do not count on a quick drop. When official 2027 rates and loan limits are published, we will update this page.
Can a 70 year old get a 20 year mortgage?
Yes. US law does not let lenders refuse a mortgage just because of your age. A lender looks at your income, credit score, savings, and debts, and retirement income counts, including Social Security, pensions, and withdrawals from retirement accounts. A 20-year loan on a home bought at 70 would be paid off at 90, which is allowed, but the monthly payment must still fit your income. A 20-year payment falls between the 15-year and 30-year payments in the tables above. Talk to a lender about your options, including larger down payments.
Wealth and mortgage-free homes: quick facts
How many Americans have $1,000,000?
About 23.6 million Americans are dollar millionaires, meaning they have a net worth of at least $1 million, according to the UBS Global Wealth Report 2026. The measure counts all assets, including home equity, minus debts, so many millionaires are people with a paid-down home and a retirement account.
How many 40 year olds have their house paid off?
Very few. The Census Bureau’s American Community Survey shows 39.4% of all US homeowners own their homes without a mortgage, but most of them are older: about 54% of mortgage-free homes belong to owners aged 65 or older. Only about 8% of mortgage-free homeowners are between 35 and 44 (National Association of Home Builders, 2023 data). Only about 61% of households headed by someone aged 35 to 44 own a home at all, and most of those owners still have a mortgage.
What this calculator does not include
This is an estimate, not a loan quote. It does not include a co-op board’s approval rules, flip taxes, move-in fees, special assessments, tax abatements, the new pied-à-terre tax, or the exact fees your lender charges. NYC property taxes also depend on the building and class of property, so check the latest bill. To plan your budget, see your take-home pay with the NYC paycheck calculator, the New Jersey paycheck calculator if you commute from across the river, or compare other states with the Texas, Florida, and California paycheck calculators. Turn an hourly wage into a yearly salary with the hourly to salary calculator. Browse more tools in our loans and mortgage hub, the salary guides and tools hub, or all calculators.
Rates, taxes, and rules change. This calculator is for education only and is not mortgage, tax, legal, or financial advice. Talk to a licensed lender and a real estate attorney before you buy. Read our disclaimer.
NYC mortgage payment FAQs
What is the average monthly mortgage payment in 2026?
The average payment on all US home loans was $2,044 a month in the second quarter of 2026 (FHFA). New buyers have a median of $2,162 (Mortgage Bankers Association, August 2026), and existing owners have a median of about $1,600 (Federal Reserve).
What is the average monthly mortgage payment in New York City?
A buyer with 20% down on the NYC median home of about $885,000 pays roughly $5,677 a month at 7.32%, including property tax and insurance. Existing NYC owners usually pay less, because many bought earlier at lower prices and rates.
What salary to afford a $1,000,000 house?
With 20% down at 7.32%, the payment is about $6,395 a month. The 28% rule needs an income of about $274,000, and the 36% limit needs about $213,000 if you have no other debt. You also need about $235,000 in cash at closing.
Can I afford a $300 k house on a $70 k salary?
It is tight. A $300,000 home with 20% down costs about $2,024 a month, or 34.7% of a $70,000 salary. It fits better with 30% down (31.2%). Under the 28% rule, a $70,000 income fits a home of about $237,500.
Can I afford a $300k house on a 50k salary?
Probably not without a big down payment. The payment of about $2,024 is 48.6% of a $50,000 salary. The 28% rule fits a home of about $163,000 at that income.
Are home prices dropping in NYC?
Not overall. Manhattan’s median sale price hit a third-quarter record of $1.25 million in 2026, and Queens rose about 8.9%. Brooklyn is mixed, depending on the data source. High mortgage rates have slowed contracts.
Can a 70 year old get a 20 year mortgage?
Yes. Lenders cannot deny a loan because of age. They check income (including Social Security, pensions, and retirement withdrawals), credit, savings, and debts, and the payment must fit your income.
How many Americans have $1,000,000?
About 23.6 million Americans have a net worth of at least $1 million, according to the UBS Global Wealth Report 2026. That includes home equity and retirement savings.
How many 40 year olds have their house paid off?
Few. About 39.4% of US homeowners have no mortgage, but most are older. Only about 8% of mortgage-free owners are aged 35 to 44, and about 61% of households in that age group own a home at all.
How much cash do I need to buy a home in NYC?
On a $750,000 condo with 20% down, about $169,000: $150,000 down plus about $19,000 in closing costs. A co-op needs about $156,000, since it has no mortgage recording tax.
What are NYC closing costs?
They are often 2% to 5% of the price. Condo and house buyers pay a mortgage recording tax of 1.8% to 1.925% of the loan, and buyers pay a mansion tax of 1% or more on purchases of $1 million and above.
How much is NYC property tax?
The effective rates are about 0.7% to 1% of a home’s market value a year, which is low compared with most of New York State. Co-op owners pay it through their monthly maintenance.
What mortgage rate does this page use?
The Freddie Mac 30-year average of 7.32% on October 22, 2026, and 6.68% for 15-year loans. Your real rate depends on your credit, down payment, and lender, so change the rate in the calculator.
How accurate is this NYC mortgage calculator?
It is a close estimate for a fixed-rate loan. It uses estimates for insurance, PMI, and fees, and it does not include co-op board rules or tax abatements, so your real payment and closing costs will differ.
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Designed & developed by
Syed Osama
Syed Osama is a digital publishing specialist who builds career metrics, financial calculators, and interactive web tools. He focuses on developing practical calculation resources to help remote workers, freelancers, and professionals make quick, accurate financial estimations.