New York Mortgage Payment Calculator
🏛️ New York Tax & Cost Considerations
As a New York City resident with an additional 3.648% local income tax, your mortgage vs. investment decision should consider the city's unique market dynamics, local costs, and specific financial factors that differ from state averages.
💡 Key Tax Highlights:
- Local income tax of 3.648% on top of state taxes
- Combined tax rate of 14.548% increases mortgage deduction value
- Property taxes at 1.25% are within typical ranges
- High property values may limit mortgage interest deduction due to $750k cap
🎯 Payment Considerations:
- High parking costs ($400/month) add to total housing expenses
- Low car ownership (23%) reduces transportation costs vs. suburbs
- Co-op board approval processes can affect transaction timelines
- Flip taxes (typically 1-3%) add to selling costs
- Rent-stabilized units affect rental market dynamics
- MCTMT (Metropolitan Commuter Transportation Mobility Tax) for higher earners
🏙️ New York City Payment Factors
Calculate your monthly mortgage payment in New York City with accurate local costs including property taxes, insurance rates, and fees that vary significantly from national averages.
💰 Payment Factors:
- Property taxes (1.25%) are within typical ranges
- Typical HOA fees of $800/month add to total housing costs
- High median home price ($950,000) may require jumbo loan rates
🏠 Local Costs:
- Parking costs: $400/month
- Co-op maintenance fees often $1,200+/month (not included in mortgage)
- Transfer taxes add 1.825% to purchase price
- Flip taxes may apply when selling
- Many buildings require 20-30% down payment
Loan Details
New York Costs
Payment Breakdown
Understanding Mortgage Rates: APR vs Rate vs Points
🏷️ Interest Rate
The interest rate is the annual cost of borrowing money, expressed as a percentage. This is what you see advertised and what's used to calculate your monthly principal and interest payment.
📊 APR (Annual Percentage Rate)
APR includes the interest rate PLUS additional costs like origination fees, discount points, and some closing costs. It gives you the "true cost" of the loan.
💰 Discount Points
Points are upfront fees you pay to "buy down" your interest rate. Each point typically costs 1% of your loan amount and reduces your rate by ~0.25%.
💡 Should You Buy Points? The Math Behind the Decision
✅ Points Usually Make Sense When:
- You're staying long-term: Need 5-8+ years to break even
- You have extra cash: Better than investing in low-yield accounts
- You want payment certainty: Locked-in lower payment for life
- Tax benefits: Points may be tax-deductible (consult tax advisor)
⚠️ Common Gotchas & When to Avoid:
- Short-term ownership: You'll lose money if you move/refinance early
- Opportunity cost: That cash might earn more in investments (especially in bull markets)
- Cash flow: Don't deplete your emergency fund for points
- Rate environment: If rates are falling, you might refinance soon anyway
- Seller concessions: Sometimes sellers will pay points instead of lowering price
🧮 Quick Break-Even Formula:
Example: $3,000 in points saves $42/month → 71 months (6 years) to break even