New York mortgage calculator
Prefilled with New York’s numbers, not national averages. The effective property tax rate here is 1.54% and the average homeowners premium is about $1,700 a year. Both are already in the calculator below.
New York mortgage calculator
Principal and interest schedule
Tax and insurance are collected alongside the loan but are not part of it, so they are excluded here.
What New York actually costs a homeowner
Statewide averages hide enormous variation: upstate rates are among the highest in the country, New York City's are not.
On the state median home value of $384,100, the property tax bill works out at roughly $5,915 a year, or $493 a month before anything else. That is above the national effective rate of 0.86% — 1.8 times the US average.
Insurance is the other half of the escrow payment. At about $1,700 a year, New York sits below the national average of roughly $2,400. Together, tax and insurance add around $635 a month to the loan payment on a median-priced home here.
Why your bill will differ
The figure above is a state average, and property tax is set locally. Two houses of the same value in different counties of New York can carry bills that differ by thousands. Check your county assessor before treating any estimate as final, and check whether a homestead exemption applies to you — in most states it does, and in several it is substantial.
A high property tax state
New York sits in the top tier nationally, 8th of 51 by effective rate. At 1.54% the tax bill is a genuine constraint on what you can borrow: lenders count it in your debt-to-income ratio, so a $5,915 annual bill reduces your purchasing power by roughly $75,835 of loan at current rates. Buyers moving here from a low-tax state routinely find they qualify for less house than they expected.
The tax bill dwarfs the premium
Property tax here runs about $5,915 a year against roughly $1,700 for insurance — 3.5 times as much. That makes the assessment the number worth contesting. Most jurisdictions allow an appeal within a short window after the notice, and a successful one compounds every year you own the house.
Stepping up from the median
At $580,000 — about half again the New York median — the annual tax becomes $8,932 and the escrow portion of the payment rises to roughly $886 a month. With 20% down at 6.5% over thirty years, the all-in payment is about $3,819.
Comparison with neighbouring states
New York and its neighbours
| State | Effective rate | Median home value | Median tax bill |
|---|---|---|---|
| New York | 1.54% | $384,100 | $5,915 |
| Texas | 1.63% | $260,400 | $4,245 |
| Nebraska | 1.54% | $205,600 | $3,166 |
| Wisconsin | 1.51% | $231,400 | $3,494 |
| Ohio | 1.41% | $199,200 | $2,809 |
Effective rate is median real-estate tax paid divided by median home value. Insurance figures are broad state averages and move quickly, especially on the Gulf coast. Both are estimates for orientation, not quotes.
Tax and insurance by price in New York
| Home price | Annual tax | Tax / mo | Insurance / mo | Escrow / mo |
|---|---|---|---|---|
| $150,000 | $2,310 | $192 | $142 | $334 |
| $250,000 | $3,850 | $321 | $142 | $462 |
| $350,000 | $5,390 | $449 | $142 | $591 |
| $500,000 | $7,700 | $642 | $142 | $783 |
| $750,000 | $11,550 | $962 | $142 | $1,104 |
Property tax at the New York effective rate of 1.54%. Insurance held at the state average, which understates it on larger homes.
Guides that explain this
Written with the same engine, so every figure agrees with the calculator.
The first-time buyer's mortgage guideWhat lenders really check, how much deposit you need, every closing cost itemised, and why your payment jumps in year two.12 min read
APR vs interest rate: what actually separates themWhat separates APR from the interest rate, which fees are included, and why APR quietly flatters a loan you will not keep for its full term.8 min read
How your credit score sets your interest rateWhat a credit score is built from, how score bands translate into real rate differences and dollars, and which actions move a score quickly versus slowly.10 min read
Questions people actually ask
What is the property tax rate in New York?
The effective rate is about 1.54%, measured as median real-estate tax paid divided by median home value. On the state median home value of $384,100 that is roughly $5,915 a year. Local rates vary considerably within the state.
How much is homeowners insurance in New York?
The state average runs around $1,700 a year, below the national average of roughly $2,400. Premiums vary widely by construction, claims history and distance from the coast.
What is the monthly payment on a median-priced home in New York?
With 20% down on the $384,100 median value at 6.5% over 30 years, principal and interest come to about $1,941 a month, plus roughly $635 for tax and insurance.