Down Payment Calculator
Down Payment Impact Table — $800K Purchase
| Down Payment | Amount | Loan | Monthly P&I | Monthly PMI | Total/Mo | Income Needed |
|---|---|---|---|---|---|---|
| 5% | $40,000 | $760,000 | $5,009 | $475 | $6,151 | $263,614 |
| 10% | $80,000 | $720,000 | $4,745 | $375 | $5,787 | $248,014 |
| 15% | $120,000 | $680,000 | $4,481 | $283 | $5,431 | $232,757 |
| 20% | $160,000 | $640,000 | $4,218 | $0 | $4,885 | $209,357 |
| 25% | $200,000 | $600,000 | $3,954 | $0 | $4,621 | $198,043 |
| 30% | $240,000 | $560,000 | $3,690 | $0 | $4,357 | $186,729 |
Estimates assume 6.875% 30-yr rate, PMI at 0.75%, $667/mo property tax, $200/mo insurance on an $800K purchase.
Minimum Down Payment by Loan Type in NYC
Conventional Loans (Fannie/Freddie) — 5% Minimum
For properties at or below the conforming loan limit ($766,550 in 2026), you can put as little as 5% down on a conventional loan. However, most NYC properties exceed this limit, pushing you into jumbo territory where lender requirements are stricter.
FHA Loans — 3.5% Minimum
FHA loans allow 3.5% down for borrowers with credit scores of 580+, or 10% for scores 500–579. The NYC FHA loan limit is $1,149,825 for a single-family home. Note that FHA loans come with both an upfront MIP (1.75% of loan) and ongoing monthly MIP (0.55–0.85%), often making them more expensive long-term than conventional loans with PMI.
Jumbo Loans — 10–20% Minimum
Most NYC purchases require jumbo loans (above $766,550 conforming limit). Jumbo lenders typically require 10–20% down, with many preferring 20%+. The better your credit score and reserves, the more flexibility you may have. Some lenders offer 10% down jumbo products for well-qualified buyers.
Co-op Board Requirements — Often 20–30%
This is NYC-specific and one of the biggest surprises for first-time buyers. Even if your lender approves you for 10% down, the co-op board — not your lender — often has the final say. Most Manhattan co-op boards require 20–25% down. Prestigious buildings on Park Avenue or Central Park West may require 50% or even all-cash purchases.
NYC co-op reality check: Your down payment is determined by whichever is higher — your lender's requirement or the co-op board's requirement. Always research a building's financial requirements before making an offer. Your real estate agent should know this information.
PMI Impact: The Cost of Putting Less Than 20% Down
Private Mortgage Insurance protects your lender if you default. You pay it, but it benefits them. In NYC, where loan amounts are high, PMI costs add up quickly:
| Loan Amount | PMI Rate | Monthly PMI | Annual PMI | PMI Until 20% Equity |
|---|---|---|---|---|
| $400,000 | 0.75% | $250 | $3,000 | ~27 yrs (drops off earlier w/ appreciation) |
| $600,000 | 0.75% | $375 | $4,500 | ~27 yrs |
| $800,000 | 0.75% | $500 | $6,000 | ~27 yrs |
| $1,000,000 | 0.60% | $500 | $6,000 | ~27 yrs |
PMI cancels automatically when your loan-to-value (LTV) ratio reaches 78% based on original purchase price, or you can request cancellation at 80% LTV. In NYC, where property values tend to appreciate, many buyers reach 80% LTV faster than the amortization schedule alone would suggest — potentially eliminating PMI in 5–7 years rather than 27.
Strategy tip: Some buyers put 10% down, pay PMI for a few years while NYC home values rise, then request PMI cancellation once they've hit 20% equity through a combination of payments and appreciation. This preserves $80,000–$200,000 in cash for other uses.
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