With a 10.9% top income tax rate and 1.62% property tax, New York homeowners face a significant combined tax burden. This calculator is pre-filled with New York numbers: $425,000 median price, 1.62% property tax, $1,600/year insurance.
Last updated: March 13, 2026
Advertisement
Monthly Payment (New York)$0
Loan Details — New York
New York median: $425,000
$
Below 20% triggers PMI on conventional loans
%
Average 30-year fixed ~6.75% (March 2026)
%
New York average: 1.62%
%
New York average: $1,600/yr
$
Estimated Monthly Payment
$0
Principal & Interest
$0
Property Tax
$0
Insurance
$0
PMI
$0
Total Interest Paid
$0
Total Cost of Home
$0
New York Metro Area Home Prices
Click a metro to load its median price into the calculator above.
Yearly Amortization Schedule+
Year
Principal Paid
Interest Paid
Remaining Balance
Advertisement
New York's Tax Landscape and Your Mortgage
New York uses a progressive income tax with a top rate of 10.9%. A household earning $150,000 pays an estimated $10,628-$13,898 in state income tax, depending on filing status and deductions. That's $1,022/month less available for housing costs.
At the state's median home price of $425,000, the $1.62% property tax rate adds $574/month to your mortgage payment. That's $6,885/year — well above the national median of ~1.1%.
Property Taxes Across New York
The 1.62% statewide average masks significant variation. Property taxes outside NYC (especially Long Island and Westchester) are among the highest in the nation
Price ranges across the state: Manhattan has a median of $1,100,000, while Rochester sits at $210,000 — a $890,000 gap that dramatically changes your monthly payment. At $1.62% property tax, that price difference alone means $1,202/month more in property tax in Manhattan.
Advertisement
Homebuyer Programs and Exemptions
New York offers several programs for homebuyers:
SONYMA Achieving the Dream with low down payment
Down payment assistance up to $15,000 in certain counties
Homestead exemption: STAR program: Basic STAR saves ~$300/year for homeowners under $500K income; Enhanced STAR saves ~$650/year for seniors 65+ with income under $98,000
New York-Specific Considerations
NYC residents pay city income tax of 3.078–3.876% ON TOP of state tax — combined marginal rate can exceed 14%
High-cost area conforming loan limit of $1,209,750 in NYC metro
Mansion tax of 1% on properties over $1M in NYC; additional progressive transfer tax up to 4.15% above $25M
Property taxes outside NYC (especially Long Island and Westchester) are among the highest in the nation
Upstate NY housing is dramatically more affordable than downstate
SALT cap has outsized impact — many NY homeowners pay $15K-$30K+ in combined state/local taxes
Property tax rates vary dramatically — NYC effective rate ~0.9% (due to assessment ratios) vs Westchester County ~1.6% and upstate counties exceeding 2.5%
Compare New York Mortgage Rates
See personalized rates from New York lenders. LendingTree matches you with up to 5 offers so you can compare and save.
0.39% property tax, 5% top rate. Median home: $232,500.
Alaska Mortgage Calculator
Coming Soon
1.04% property tax, no income tax. Median home: $340,000.
Arizona Mortgage Calculator
Coming Soon
0.62% property tax, 2.5% top rate. Median home: $395,000.
Frequently Asked Questions
What is the average property tax rate in New York?
The average effective property tax rate in New York is 1.62%. On a $425,000 home (the state median), that works out to approximately $6,885/year or $574/month added to your mortgage payment. Property tax rates vary by county and school district within New York — always check your specific jurisdiction's rate. Homestead exemption: STAR program: Basic STAR saves ~$300/year for homeowners under $500K income; Enhanced STAR saves ~$650/year for seniors 65+ with income under $98,000
How much does homeowners insurance cost in New York?
The average annual homeowners insurance premium in New York is approximately $1,600 ($133/month). This is near the national average of approximately $1,500/year. Actual premiums depend on your home's location, age, construction type, and coverage limits.
What first-time homebuyer programs are available in New York?
SONYMA Achieving the Dream with low down payment. Down payment assistance up to $15,000 in certain counties. These programs typically have income limits, purchase price caps, and may require homebuyer education courses. Check the New York housing finance agency website for current eligibility requirements and application deadlines.
How does New York's 10.9% income tax affect home affordability?
New York's top income tax rate of 10.9% reduces your take-home pay, which affects how much mortgage you can comfortably carry. On a $150,000 salary, state income tax takes roughly $10,628-$13,898/year (effective rate is lower than the top marginal rate). Combined with 1.62% property tax, the total tax burden in New York is above average. Use our paycheck calculator to see your exact take-home pay.
What is the conforming loan limit in New York?
The 2026 conforming loan limit in New York is $1,209,750 (high-cost area limit — some counties may have the standard $806,500 limit). Loans above this amount are considered jumbo loans and typically carry higher interest rates (0.25-0.5% premium), require larger down payments (10-20%), and have stricter qualification requirements including higher credit scores (700+) and lower debt-to-income ratios.
This calculator is for educational purposes. Tax rates and insurance costs are based on New York state averages and may not reflect your specific county, school district, or municipality. Consult a financial professional for advice specific to your situation.