NYC Mortgage by Borough — Median Purchase Price
The table below uses each borough's 2026 median condo/home sale price, 20% down, and a 30-year fixed rate of 6.875%. The "all-in" estimate adds typical property taxes and homeowners insurance for that market.
| Borough | Median Price | 20% Down | Loan Amount | Monthly P&I | Est. All-In/Mo |
|---|---|---|---|---|---|
| Manhattan | $1,200,000 | $240,000 | $960,000 | $6,325 | $7,800–$8,500 |
| Brooklyn | $800,000 | $160,000 | $640,000 | $4,218 | $5,300–$6,000 |
| Queens | $650,000 | $130,000 | $520,000 | $3,427 | $4,500–$5,000 |
| Bronx | $450,000 | $90,000 | $360,000 | $2,372 | $3,200–$3,700 |
| Staten Island | $550,000 | $110,000 | $440,000 | $2,900 | $3,900–$4,400 |
All-in monthly cost includes P&I plus estimated property taxes ($400–$1,200/month depending on borough and property type) and homeowners or co-op insurance ($450–$800/month). Manhattan condos also typically carry HOA fees of $1,000–$3,000+/month which are not included above.
What's Included in "All-In Monthly Cost"?
When comparing affordability, the PITI payment is your minimum. In NYC, several additional costs may apply:
- Property taxes: NYC Class 1 (1–3 family homes) are taxed differently than Class 2 (condos/co-ops). Many Manhattan condos benefit from 421-a tax abatements that expire after 10–25 years, causing taxes to jump significantly.
- HOA / Maintenance: Manhattan condos average $1.20–$2.50/sq ft in monthly common charges. A 900 sq ft condo might carry $1,100–$2,250/month in HOA alone. Co-ops include property taxes in maintenance fees.
- PMI: If you put less than 20% down on a conventional loan, you'll pay private mortgage insurance (0.5–1.5% of the loan annually, or roughly $200–$600/month on a $500K loan).
NYC Mortgage Recording Tax — A Closing Cost You Can't Ignore
New York City charges a mortgage recording tax on all property purchases (except co-ops). This is a one-time fee paid at closing:
| Loan Amount | Recording Tax Rate | Tax Owed |
|---|---|---|
| $360,000 (Bronx median) | 1.800% | $6,480 |
| $440,000 (SI median) | 1.800% | $7,920 |
| $520,000 (Queens median) | 1.925% | $10,010 |
| $640,000 (Brooklyn median) | 1.925% | $12,320 |
| $960,000 (Manhattan median) | 1.925% | $18,480 |
A Brooklyn buyer taking out a $640,000 mortgage owes $12,320 just in mortgage recording tax. Combined with attorney fees, title insurance, and bank fees, total buyer closing costs in Brooklyn typically run $25,000–$40,000.
NYC Closing Cost Summary for Buyers
Beyond the mortgage recording tax, NYC buyers should budget for:
- Mansion tax: 1% of the purchase price on any purchase of $1M or more (paid by buyer). On a $1.2M Manhattan purchase, that's $12,000.
- Title insurance: Owner's policy typically runs 0.4–0.5% of the purchase price. Lender's policy is separate and required.
- Attorney fees: $1,500–$3,000 for a standard transaction; more for complex deals.
- Bank/origination fees: Typically $1,500–$3,000 depending on lender and loan type.
- Move-in deposit (co-ops): Many co-op buildings require a $500–$1,500 refundable move-in deposit.
Total buyer closing costs in NYC typically run 2.5–5% of the purchase price for condos and homes. Co-ops are lower (no mortgage recording tax) at roughly 1–2%.
Co-op advantage: Because co-op purchases are legally share transfers (not real property), they are exempt from the mortgage recording tax and mansion tax. Co-op closing costs for buyers typically run only 1–2% of purchase price — a major savings for high-priced deals.
How Much Income Do You Need to Afford an NYC Mortgage?
Using the 28% front-end DTI guideline and each borough's median all-in monthly payment:
| Borough | Est. PITI/Mo | Gross Income Needed | After NYC Tax (approx.) |
|---|---|---|---|
| Manhattan | $8,150 | $350,000/yr | ~$220,000 net |
| Brooklyn | $5,650 | $242,000/yr | ~$157,000 net |
| Queens | $4,750 | $204,000/yr | ~$133,000 net |
| Bronx | $3,450 | $148,000/yr | ~$98,000 net |
| Staten Island | $4,150 | $178,000/yr | ~$117,000 net |
Important: The gross income figures above use the standard lender 28% DTI rule. However, after NYC and NY state income taxes, federal taxes, and other deductions, your actual after-tax income is significantly lower. We recommend also checking our after-tax affordability guide before making a decision.
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