NYC Mortgage Affordability Calculator
Max Mortgage by Income Level in NYC (2026)
These figures use the 28% front-end rule with no existing debt, at today's 6.875% 30-year fixed rate. Property taxes and insurance are factored in at approximately 1.5% of loan value annually.
| Annual Income | Max Monthly Housing | Max Mortgage | With 20% Down → Home Price |
|---|---|---|---|
| $60,000 | $1,400 | $212K | $265K |
| $80,000 | $1,867 | $283K | $354K |
| $100,000 | $2,333 | $354K | $443K |
| $120,000 | $2,800 | $425K | $531K |
| $150,000 | $3,500 | $531K | $664K |
| $175,000 | $4,083 | $620K | $775K |
| $200,000 | $4,667 | $708K | $885K |
| $250,000 | $5,833 | $885K | $1.1M |
| $300,000 | $7,000 | $1.06M | $1.33M |
| $400,000 | $9,333 | $1.42M | $1.77M |
Understanding DTI Ratios for NYC Mortgages
Lenders evaluate your ability to repay using two key ratios — and in NYC, both matter more than in most markets.
Front-End Ratio (28%)
Also called the housing ratio, this limits your monthly housing payment (principal + interest + taxes + insurance) to 28% of gross monthly income. On a $150K salary, that's $3,500/month maximum for housing.
Back-End Ratio (36–43%)
The total debt-to-income ratio includes all monthly debt payments: mortgage, car loans, student loans, minimum credit card payments, and any other installment debts. Most conventional lenders cap this at 36–43%. If you have significant existing debt, this becomes the binding constraint.
NYC co-op boards are stricter than banks: Many co-op boards require a post-closing debt-to-income ratio under 25–28%, and post-closing liquidity of 1–2 years of carrying costs. Even if a bank approves your mortgage, the co-op board may reject your application.
How Co-op Maintenance Changes Your Mortgage Math
This is one of the most important and frequently misunderstood aspects of NYC home buying. Co-op maintenance fees ($600–$2,000/month) are treated as housing costs by both mortgage lenders and co-op boards — they reduce the mortgage you can carry, sometimes dramatically.
| Income | 28% Budget | Co-op Maintenance | Left for Mortgage | Max Mortgage |
|---|---|---|---|---|
| $150,000/yr | $3,500/mo | $0 | $3,500 | $531K |
| $150,000/yr | $3,500/mo | $800/mo | $2,700 | $410K |
| $150,000/yr | $3,500/mo | $1,200/mo | $2,300 | $349K |
| $200,000/yr | $4,667/mo | $0 | $4,667 | $708K |
| $200,000/yr | $4,667/mo | $1,000/mo | $3,667 | $556K |
| $200,000/yr | $4,667/mo | $1,500/mo | $3,167 | $480K |
Why co-ops can still make sense: Co-ops are typically priced 15–25% below equivalent condos. A co-op requiring a $1,200/month maintenance may be listed at $700K vs. a comparable condo at $900K — the lower purchase price can offset the reduced mortgage capacity.
NYC Property Taxes and Your Mortgage
New York City property taxes average about 1.0% of assessed value annually — but assessed value in NYC often differs significantly from market value. Class 1 properties (1–3 family homes) have their assessed values capped, limiting annual tax increases. Class 2 (co-ops, condos, and apartment buildings) are taxed differently.
For a rough budgeting estimate, use 1.0% of purchase price annually, or $833/month on an $800K home. This must be included in your 28% housing budget calculation.
How Much Mortgage Do You Need for Each Borough?
| Borough | Median Price | 20% Down | Mortgage Needed | Monthly P&I | Income Required |
|---|---|---|---|---|---|
| Manhattan | $1,200,000 | $240,000 | $960,000 | $6,325/mo | ~$432K/yr |
| Brooklyn | $800,000 | $160,000 | $640,000 | $4,218/mo | ~$288K/yr |
| Queens | $650,000 | $130,000 | $520,000 | $3,427/mo | ~$234K/yr |
| Staten Island | $550,000 | $110,000 | $440,000 | $2,900/mo | ~$198K/yr |
| Bronx | $450,000 | $90,000 | $360,000 | $2,372/mo | ~$162K/yr |
Tips to Maximize Your NYC Mortgage Qualification
- Pay down installment debt: Eliminating a $400/month car payment could increase your max mortgage by $60,000+ at current rates.
- Consider a larger down payment: More down means a smaller loan — and some co-op boards require 30% minimum regardless of qualification.
- Target co-ops vs. condos: Lower purchase prices mean smaller mortgages. The trade-off is board approval and higher carrying costs.
- Use SONYMA loans: New York State's SONYMA program offers below-market rates for qualifying first-time buyers, meaningfully increasing your borrowing capacity.
- Count all income: Bonus income, freelance income (with 2 years of tax returns), and rental income from multi-family properties can all boost qualifying income.
Calculate Your NYC Take-Home Pay
Know your gross income — now see what you'll actually bring home after NYC's federal, state, and city taxes.
NYC Paycheck Calculator