Mortgage on a $400K house in New York
$2,827 a month with 20% down — $2,153 principal and interest plus $475 property tax and $200 insurance.
New York's typical property tax is 1.42% of the home's value a year (U.S. average 0.9%), which adds $475 a month on a $400K home. The typical home in New York is worth $524,942, so $400K is 24% below the typical price.
$400K 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 | $80,000 | $320,000 | $2,153 | $0 | $675 | $2,827 | $121,200 |
| 10% down | $40,000 | $360,000 | $2,422 | $150 | $675 | $3,246 | $139,100 |
| 5% down | $20,000 | $380,000 | $2,556 | $158 | $675 | $3,389 | $145,300 |
| 3.5% down (FHA) | $14,000 | $392,755 | $2,642 | $177 | $675 | $3,494 | $149,700 |
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 $400K buy a typical home?
In these counties the typical home value is within 15% of $400K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Warren County | $380,651 | 1.47% | $2,843 |
| Albany County | $372,401 | 1.77% | $2,941 |
| Greene County | $368,122 | 1.49% | $2,850 |
| Tompkins County | $350,432 | 2.24% | $3,099 |
| Ulster County | $451,636 | 1.77% | $2,943 |
47 of 62 New York counties tracked by Zillow have a typical home value at or below $400K. See all New York home prices.
Other prices in New York
Frequently asked questions
What is the mortgage on a $400K house in New York?
About $2,827 a month with 20% down at 7.11%: $2,153 principal and interest, $475 property tax and $200 insurance.
How much do I need to make to buy a $400K house in New York?
About $121,200 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $400K house in New York?
At New York's typical effective rate of 1.42%, about $5,696 a year. Rates vary by county and city — see the county pages.