Quick-Answer: NYC Mortgage Payments at a Glance
The table below uses a 30-year fixed rate of 6.875% (the current 2026 average for well-qualified NYC buyers), assumes 20% down, and adds estimated property taxes and homeowners insurance to give you the full PITI (principal, interest, taxes, insurance) payment.
| Loan Amount | Monthly P&I | Est. Taxes/Mo | Insurance/Mo | Total PITI | Annual Income Needed |
|---|---|---|---|---|---|
| $200,000 | $1,318 | $250 | $450 | $2,018 | $86,400 |
| $300,000 | $1,977 | $375 | $450 | $2,802 | $120,100 |
| $400,000 | $2,636 | $500 | $500 | $3,636 | $155,800 |
| $500,000 | $3,295 | $625 | $550 | $4,470 | $191,600 |
| $600,000 | $3,953 | $750 | $600 | $5,303 | $227,300 |
| $700,000 | $4,613 | $875 | $650 | $6,138 | $263,100 |
| $800,000 | $5,272 | $1,000 | $700 | $6,972 | $298,800 |
| $1,000,000 | $6,590 | $1,250 | $800 | $8,640 | $370,300 |
How income is calculated: Annual income needed uses the standard 28% front-end DTI rule (total PITI ÷ 0.28 × 12). This is gross income before taxes. For a more realistic after-tax view, see our after-tax affordability guide.
What Goes Into Your Monthly Mortgage Payment?
Your NYC mortgage payment has four components, often called PITI:
- Principal: The portion that reduces your loan balance each month. In early years, this is a small fraction of your payment.
- Interest: At 6.875%, the majority of your early payments go to interest. On a $600K loan, your first payment is $3,440 in interest and only $513 in principal.
- Taxes: NYC property taxes vary by property type and borough. Condos and co-ops are often taxed at favorable Class 2 rates. Estimates above are conservative averages.
- Insurance: Homeowners insurance in NYC runs $450–$800/month depending on building type, floor, and coverage level. Co-op owners carry less individual coverage since the building is insured.
NYC Mortgage Recording Tax
Unlike most of the country, NYC charges a mortgage recording tax when you take out a home loan. This is a one-time closing cost that many buyers overlook:
- Loans under $500,000: 1.8% of the loan amount
- Loans of $500,000 or more: 1.925% of the loan amount
On a $600,000 mortgage, you owe $11,550 in recording tax at closing. On a $400,000 mortgage, it's $7,200. This is on top of all other closing costs — budget an additional 3–4% of the purchase price for total buyer closing costs in NYC.
Co-op exception: Co-op purchases are not subject to the mortgage recording tax because you're buying shares, not real property. This is one of the hidden cost advantages of buying a co-op vs. a condo in NYC.
How to Estimate Your Specific Mortgage
The table above uses 20% down. If you're putting down a different amount, your loan will differ. Quick formula: (Purchase Price × (1 − down%)) × 0.00659 = monthly P&I. The factor 0.00659 is the monthly payment per dollar for a 30-year loan at 6.875%.
Example: $750,000 purchase with 15% down = $637,500 loan × 0.00659 = $4,201/month P&I. Add taxes and insurance and you're looking at roughly $5,700–$6,000 all-in.
Get Your Exact NYC Mortgage Payment
Use our full mortgage calculator to customize rate, down payment, and see your complete PITI breakdown.
Open Mortgage CalculatorFrequently Asked Questions
With 20% down on a $600,000 NYC home, your loan is $480,000. At 6.875%, your monthly principal and interest payment is $3,166. Add estimated property taxes (~$600–$750/month) and homeowners insurance (~$550/month) and your total PITI runs approximately $4,316–$4,466/month. You'd need a gross income of roughly $185,000–$192,000 to qualify under the 28% DTI rule. Note: if your loan is under $500K, the NYC mortgage recording tax is 1.8%, or about $8,640 at closing.
A $700,000 mortgage at 6.875% costs $4,613/month in P&I. With NYC property taxes (~$875/month) and insurance (~$650/month), your PITI is roughly $6,138/month. Using the 28% DTI rule: $6,138 ÷ 0.28 = $21,921/month gross, or about $263,000/year. Keep in mind this is gross income — after NYC, NY state, and federal taxes, your net income will be significantly lower. Many financial advisors recommend budgeting based on net income instead.
As of 2026, the 30-year fixed mortgage rate for well-qualified NYC buyers (760+ credit score, 20% down) is approximately 6.875%. Buyers with lower credit scores, higher DTI, or smaller down payments will see higher rates. First-time buyers may qualify for SONYMA loans at around 6.0%. Jumbo loans (above $766,550) may carry slightly different rates depending on the lender.
Yes. NYC has several costs that most other cities don't:
- Mortgage recording tax: 1.8–1.925% of the loan amount (doesn't apply to co-ops)
- Mansion tax: 1% on purchases of $1M or more (paid by buyer)
- Transfer tax: 1% for properties under $500K, 1.425% for $500K+ (typically paid by seller)
- Attorney fees: NYC real estate attorneys are standard and run $1,500–$3,000
- Flip tax: Some co-ops charge 1–3% of the sale price as a flip tax on resale
Total buyer closing costs in NYC typically run 2.5–5% of the purchase price.