Mortgage on a $300K house in New York
$2,121 a month with 20% down — $1,614 principal and interest plus $356 property tax and $150 insurance.
New York's typical property tax is 1.42% of the home's value a year (U.S. average 0.9%), which adds $356 a month on a $300K home. The typical home in New York is worth $524,942, so $300K is 43% below the typical price.
$300K home in New York: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $60,000 | $240,000 | $1,614 | $0 | $506 | $2,121 | $90,900 |
| 10% down | $30,000 | $270,000 | $1,816 | $113 | $506 | $2,435 | $104,300 |
| 5% down | $15,000 | $285,000 | $1,917 | $119 | $506 | $2,542 | $108,900 |
| 3.5% down (FHA) | $10,500 | $294,566 | $1,982 | $133 | $506 | $2,620 | $112,300 |
Assumes a 30-year fixed loan at 7.11%, property tax of 1.42% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in New York does $300K buy a typical home?
In these counties the typical home value is within 15% of $300K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Erie County | $295,625 | 1.98% | $2,259 |
| Essex County | $292,915 | 1.47% | $2,132 |
| Schenectady County | $312,933 | 2.36% | $2,355 |
| Onondaga County | $285,908 | 2.44% | $2,374 |
| Monroe County | $285,680 | 2.63% | $2,421 |
| Ontario County | $323,653 | 2.05% | $2,276 |
| Sullivan County | $323,717 | 2% | $2,263 |
| Yates County | $325,604 | 1.88% | $2,235 |
| Hamilton County | $274,369 | 1% | $2,014 |
| Rensselaer County | $327,950 | 2.05% | $2,277 |
| Madison County | $265,243 | 2.26% | $2,331 |
38 of 62 New York counties tracked by Zillow have a typical home value at or below $300K. See all New York home prices.
Other prices in New York
Frequently asked questions
What is the mortgage on a $300K house in New York?
About $2,121 a month with 20% down at 7.11%: $1,614 principal and interest, $356 property tax and $150 insurance.
How much do I need to make to buy a $300K house in New York?
About $90,900 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $300K house in New York?
At New York's typical effective rate of 1.42%, about $4,272 a year. Rates vary by county and city — see the county pages.