NYC Mortgage Affordability + PITI Calculator
Max Mortgage at Various Incomes — 28/36 Rule
Figures assume 30-year fixed at 6.875%, no existing debts, 20% down payment. Property taxes estimated at 1% annually.
| Salary | 28% Budget/mo | Est. Taxes/mo | Available for P&I | Max Mortgage | Max Home Price |
|---|---|---|---|---|---|
| $80,000 | $1,867 | ~$237 | $1,630 | $247K | $309K |
| $100,000 | $2,333 | ~$296 | $2,037 | $309K | $386K |
| $120,000 | $2,800 | ~$355 | $2,445 | $371K | $464K |
| $150,000 | $3,500 | ~$444 | $3,056 | $464K | $580K |
| $200,000 | $4,667 | ~$592 | $4,075 | $618K | $773K |
| $250,000 | $5,833 | ~$740 | $5,093 | $773K | $966K |
| $300,000 | $7,000 | ~$888 | $6,112 | $928K | $1.16M |
| $400,000 | $9,333 | ~$1,184 | $8,149 | $1.24M | $1.55M |
Note on the table: These figures back out estimated property taxes from the 28% budget before calculating the maximum mortgage. This gives a more accurate picture than calculators that ignore taxes. Your actual taxes depend on assessed value and NYC property class.
Understanding PITI in NYC
PITI is the standard way lenders measure your total monthly mortgage obligation. In NYC, the tax and insurance components are larger than in most U.S. markets.
Principal & Interest (P&I)
The core loan repayment. At 6.875% on a 30-year loan, you pay $6.59 per $1,000 borrowed each month. On a $600,000 mortgage, that's $3,954/month. In the early years, roughly 85% of this payment goes to interest.
Property Taxes (T)
New York City property taxes are complex. Class 1 (1–3 family homes) are taxed at 19.157% of assessed value, which is capped at 6% of market value for most residential properties. Class 2 (condos, co-ops, apartments) use different assessment ratios. For budgeting, estimate 1.0% of purchase price annually — but actual taxes may be higher or lower depending on the specific property and any exemptions (like the STAR program for primary residences).
Insurance (I)
Homeowner's insurance in NYC typically runs $1,200–$3,600/year ($100–$300/month) for condos and houses. Co-op owners generally need an HO-6 (co-op) policy, which covers your personal belongings and interior — typically $400–$1,500/year since the building insurance covers the structure.
NYC-Specific Addition: Maintenance/Common Charges
While not technically part of PITI, lenders add co-op maintenance or condo common charges to your front-end housing ratio. This is where many NYC buyers are caught off guard — a $600K co-op with $1,500/month maintenance may effectively require the same income as an $800K+ condo with lower carrying costs.
Co-op buyer alert: On top of lender DTI requirements, co-op boards typically require your total monthly carrying costs (maintenance + mortgage) to be no more than 25–30% of your gross monthly income — often stricter than what your bank approves.
15-Year vs. 30-Year Mortgage in NYC
| Loan Amount | 30-yr at 6.875% | 15-yr at 6.25% | Monthly Difference | Interest Saved (15yr) |
|---|---|---|---|---|
| $400,000 | $2,636/mo | $3,430/mo | +$794/mo | ~$415K |
| $600,000 | $3,954/mo | $5,145/mo | +$1,191/mo | ~$622K |
| $800,000 | $5,271/mo | $6,860/mo | +$1,589/mo | ~$830K |
| $1,000,000 | $6,589/mo | $8,575/mo | +$1,986/mo | ~$1.04M |
The 15-year mortgage saves enormous sums in interest but requires a significantly higher monthly payment. In NYC, where purchase prices are high, most buyers opt for 30-year loans to keep monthly payments manageable — freeing cash flow for city expenses, retirement contributions, and building a liquidity cushion required by co-op boards.
What's Your NYC Take-Home Pay?
Your mortgage qualification uses gross income — but your day-to-day budget runs on net pay. See your exact NYC take-home.
Calculate NYC Take-Home Pay