Not financial advice. Mortgage FV Calculator is a software calculator, not a personal-finance product or advisory service. It computes standard financial functions and displays the results for your convenience. Nothing here constitutes, or is intended to constitute, financial, investment, tax, legal, mortgage, credit, or insurance advice. Always consult a qualified professional before making any financial decision.
New York City mortgage calculator
A median-priced New York City, NY home at 6.75% over 30 years, with New York property tax of 1.64% and $1,800 a year of homeowners insurance. Every figure below is computed on our amortising engine — nothing is estimated in the browser.
$7,096 a month, all in
Principal and interest are $5,324; escrow and PMI add the rest. Over the full term the loan costs $1,095,730 in interest. Discounted at 5%, buying here has a net present value of $233,798 ($866,750 in today’s dollars).
Within New York, New York City is the most expensive of the 6 New York markets covered here. Prices here run 3.80x those in Syracuse, the cheapest market listed, so a statewide average badly understates what a purchase costs on this side of the state.
New York City carries a premium over the rest of New York: a median home here runs $912,000, about 90% above the state median of $480,000. The deposit moves with it, so the same 20% down is $182,400 rather than $96,000.
A price-to-rent ratio of 16.0 puts New York City in the middle of the range, where the rent-vs-buy answer is decided by how long you stay and what the deposit would otherwise earn.
Monthly cost in New York City vs comparable rent
Owning is stacked by component; renting is the local median asking rent.
The monthly breakdown
| Median home price | $912,000 |
|---|---|
| Down payment (10%) | $91,200 |
| Loan amount | $820,800 |
| Principal & interest | $5,324/mo |
| Property tax (1.64%) | $1,246/mo |
| Homeowners insurance | $150/mo |
| PMI while above 80% LTV | $376/mo |
| Total monthly payment | $7,096/mo |
| Comparable rent | $4,750/mo |
What a rate move does to the New York City payment
| Rate | Principal & interest |
|---|---|
| 5.5% | $4,660/mo |
| 6% | $4,921/mo |
| 6.5% | $5,188/mo |
| 7% | $5,461/mo |
| 7.5% | $5,739/mo |
| 8% | $6,023/mo |
Rent or buy in New York City?
Against $4,750 a month in rent, over 7 years renting leaves you about $115,132 better off — $96,856 once 2.5% inflation is stripped out. See the New York rent-vs-buy page.
Where these numbers come from
New York medians come from editorial and are refreshed weekly. The New York City figures index those state medians to the local market, so they track the same feed rather than going stale. Insurance and the state income tax rate are editorial. Treat everything here as a planning estimate, not a quote.