What’s the average mortgage payment in New York?

According to data collected from Redfin and Rocket Mortgage^®, the average monthly mortgage payment in New York is around $1,977 before property taxes and insurance — just below the typical U.S. average of about $2,010 per month.

New York sits in the Northeast region, one of the most expensive housing markets in the country, so the state’s average mortgage payment is typically above the national average, even when mortgage interest rates themselves are similar across states.

Overview of the New York housing market

The median sale price in New York State is about $550,600 as of October 2025, up almost 4% year-over-year. The Empire State’s housing market can vary significantly based on location, home type, and local demand.

Here’s a snapshot of recent median sale prices from Redfin¹:

Factors that influence mortgage payments in New York

Your monthly mortgage payment is made up of several parts: principal, interest, taxes, and insurance (PITI). The Rocket Mortgage^® mortgage calculator breaks this down clearly and lets you see how each factor changes your payment.

Home price and down payment

In New York, home price is often the biggest factor shaping your mortgage payment. The amount of money you put into a down payment can make a significant difference. For example, a 20% down payment on a median-priced home at $550,600 would lead to an estimated $2,784 monthly payment on a 30-year loan at 6.5%. Once you add property taxes and homeowners insurance, the total cost can climb to around $3,600 or more each month.

Putting less than 20% down also requires private mortgage insurance, which could add hundreds of dollars per month, depending on your loan type and credit profile.

Mortgage rate

Your mortgage rate is the interest charged on the money you borrow when buying a home. This rate is based on several factors, including:

• Credit score and credit history
• Debt-to-income ratio (DTI)
• Loan type
• Down payment amount
• Home type and location
• Current market rates

Even slight changes in the rate can shift your monthly payment significantly.

Loan term

Your loan term, or length of your payoff period, also affects your monthly payment rate. A longer loan term, like a 30-year fixed mortgage, has lower monthly payments because the total balance is spread over more time. However, this could increase the total cost of interest over the lifetime of the loan. A shorter loan term, like a 15-year fixed mortgage, does create higher monthly payments, but will have less interest overall, and lead to faster equity buildup.

Property taxes and insurance

New York State property taxes rank as one of the highest in the country at a rate of 1.60%. Based on the state’s median home value, this could add about $550 per month to your monthly mortgage payment.

You’ll also need to factor in homeowners insurance. New York’s average homeowners insurance costs are comparatively low to other states at about $196 per month.

Overall, these factors could add over $700 to your monthly mortgage payment.

How do mortgage rates in New York compare to others in the region?

While mortgage rates themselves don’t vary much by state, average mortgage payments do. Location, market status, home values, and taxes all play a part, and they are unique to each state. Here’s how New York compares to its neighbors in the Northeast region:

While New York sits in the middle of the pack in terms of regional housing cost and below the national average of $2,010, there are wide disparities throughout the state. The most expensive areas of New York are much pricier than the rest of the region, so how much you end up paying will depend on where you live in the state.

Counties with the highest mortgage payments in New York

Due to the variety of different property types, economic landscapes, and market demand throughout the state, the average mortgage payment by county in New York varies significantly.

Here are five counties with some of the highest estimated monthly mortgage payments, based on Q1 2025 median sale prices from the National Association of REALTORS^®.

Counties with the lowest mortgage payments in New York

On the other side, many upstate areas and smaller metros offer significantly lower price points — and therefore lower monthly payments, even at the same interest rate:

How to calculate your mortgage payment

Lenders typically use a standard formula using loan balance, interest rate, and loan term to calculate your monthly payment. The Rocket Mortgage online mortgage calculator is a great tool to easily calculate this. You can explore other available tools from Rocket Mortgage that can help you understand more about your monthly payments as well.

New York-specific mortgage resources

New York offers several state and local programs that can help you lower your upfront costs or secure more affordable loan terms. Here are a few options:

• State of New York Mortgage Agency (SONYMA): Provides below-market-rate mortgages for eligible buyers, often with reduced down payments and fixed interest rates. Programs include low-interest loans, Achieving the Dream, and Homes for Veterans.
• SONYMA Down Payment Assistance Loan (DPAL): Offers a forgivable down payment assistance loan that can cover part of your down payment and closing costs when paired with a SONYMA mortgage, helping reduce your overall monthly payment.
• NYC HomeFirst Down Payment Assistance Program: For buyers in the five boroughs, NYC’s HomeFirst program can provide up to $100,000 in forgivable assistance toward down payment or closing costs on eligible homes, subject to income and purchase-price limits.
• NYS HOME Program and local down payment assistance: Offers grants and low-interest loans for down payment assistance and housing rehabilitation in many communities.
• Housing counseling and first-time buyer education: Many SONYMA-approved nonprofit housing counselors can help you build a budget, understand mortgage options, and find local down payment assistance.

Combining these programs with a competitive mortgage from a lender like Rocket Mortgage can make New York homeownership more attainable and more affordable over the long run.

FAQ about average mortgage payments in New York

Still have questions about buying a home in New York? We have answers!

What is a good mortgage payment in New York right now?

A “good” mortgage payment is different for everyone. A payment rate that will work best for you is largely dependent on your income, loan type, and home price. In New York, home prices vary widely by area. The higher your home price, the higher your monthly payments will be. You can use the Rocket Mortgage home affordability calculator to see price points in your range and understand what you could be prequalified for.

How does choosing a 15-year vs. 30-year mortgage change my monthly payment in New York?

A 15-year mortgage in New York will incur a higher monthly payment than a 30-year mortgage, but there are benefits. The shorter loan term means you’ll pay a lower interest rate and significantly less interest in the long run.

How much do you need to make to afford a home in New York?

Many lenders follow a “28/36” guideline when deciding how much you can safely afford. That means aiming to spend no more than about 28% of your gross monthly income on housing costs, and no more than roughly 36% on all debts combined, including your mortgage.

Based on the total monthly cost of the average New York home, around $3,600 including taxes and insurance, you’d ideally want a gross household income of about $12,500-$13,000 per month, or roughly $150,000 – $160,000 per year, assuming your mortgage is your main debt. However, with such varied home prices throughout the state, the income you need to afford a home can be lower or higher depending on where you search.

The bottom line: Multiple factors shape your mortgage payment in New York

New York’s above-average home prices, high property taxes, and regional cost pressures all contribute to high monthly mortgage payments in and around New York City, but upstate markets can still offer relatively affordable options. If you’re planning to buy a home in the Empire State, keeping track of local market rates and knowing how much house you can afford will help you search for a home with the right mortgage payment for you.

Whether you’re a first-time buyer or an experienced homeowner, get prequalified for a loan with Rocket Mortgage to understand your buying power and begin the process with confidence.

*Methodology: Average monthly mortgage payment in a region, calculated based on average home purchase price for a fixed 30-year loan and a 52-week average interest rate of 6.68% from Freddie Mac as of August 2025.