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How to use the Mortgage Calculator
- 1Enter the home price and your down payment (as a dollar amount or a percentage).
- 2Set the interest rate and loan term (30 or 15 years are most common).
- 3Add property tax, home insurance and HOA fees for a realistic total.
- 4Review the monthly breakdown and the amortization schedule below it.
Property taxes in New York
Homeowners in New York pay an average effective property tax rate of 1.3% of their home's value each year, the 11th highest of all 50 states and DC. On a $400,000 home that is about $5,200 a year, or $433 a month added to your mortgage payment.
Your actual bill depends on your county and city, local levies and any homestead exemption, so check the assessor's website for the exact rate before you buy.
Monthly mortgage payments in New York
With 20% down, a 30-year fixed loan at an example rate of 6.5%, New York's average property tax rate and $1,800 a year for home insurance:
| Home price | Principal & interest | Property tax | Insurance | Total / month |
|---|---|---|---|---|
| $250,000 | $1,264 | $271 | $150 | $1,685 |
| $350,000 | $1,770 | $379 | $150 | $2,299 |
| $450,000 | $2,275 | $488 | $150 | $2,913 |
| $600,000 | $3,034 | $650 | $150 | $3,834 |
| $800,000 | $4,045 | $867 | $150 | $5,062 |
New York counties with the highest property taxes
Median home value and median annual property tax paid by homeowners (2024 Census estimates).
| County | Median home value | Median tax / year | Effective rate |
|---|---|---|---|
| Monroe County | $213,700 | $5,616 | 2.41% |
| Allegany County | $101,700 | $2,968 | 2.37% |
| Orleans County | $140,800 | $3,823 | 2.23% |
| Onondaga County | $200,200 | $4,880 | 2.22% |
| Broome County | $154,900 | $3,902 | 2.21% |
New York counties with the lowest property taxes
| County | Median home value | Median tax / year | Effective rate |
|---|---|---|---|
| Kings County | $905,000 | $6,382 | 0.56% |
| Queens County | $723,800 | $6,297 | 0.75% |
| Bronx County | $529,500 | $5,447 | 0.78% |
| Richmond County | $675,500 | $6,247 | 0.88% |
| Hamilton County | $260,200 | $2,597 | 0.93% |
New York vs neighboring states
Property tax on a $400,000 home and the resulting monthly payment (same loan assumptions as above):
| State | Tax rate | Tax / year | Total / month |
|---|---|---|---|
| Massachusetts | 1% | $4,000 | $2,506 |
| Pennsylvania | 1.26% | $5,040 | $2,593 |
| New York ★ | 1.3% | $5,200 | $2,606 |
| Vermont | 1.51% | $6,040 | $2,676 |
| Connecticut | 1.54% | $6,160 | $2,686 |
| New Jersey | 1.88% | $7,520 | $2,799 |
More for New York homebuyers
Frequently asked questions
What is the property tax rate in New York?
The average effective property tax rate in New York is 1.3% of home value per year (Tax Foundation, 2026 edition, based on 2024 Census data). Rates vary by county, from 0.56% in Kings County to 2.41% in Monroe County.
What is the monthly payment on a $400,000 house in New York?
With 20% down and a 30-year loan at 6.5%, principal and interest is $2,023 a month. Adding New York's average property tax ($433) and home insurance ($150) brings the total to about $2,606 a month, before any HOA fees.
How much do I need to earn to buy a $400,000 home in New York?
Using the common rule that housing should be no more than 28% of gross income, a $2,606 monthly payment needs an income of about $112,000 a year. Lenders also look at your other debts (debt-to-income ratio).
Does New York have a homestead exemption?
Most states offer some form of homestead exemption or credit that lowers the taxable value of your main home. Check with your New York county assessor; you usually have to apply once after you buy.
How much house can I afford?
A common guideline is to keep your total housing payment (including taxes and insurance) under 28% of your gross monthly income, and all debt payments under 36%. Use the calculator to find a home price whose total monthly payment fits that range.
When does PMI go away?
On conventional loans you can usually request PMI removal once your balance reaches 80% of the original home value, and it is cancelled automatically at 78%. FHA loans have different mortgage insurance rules.