Mortgage on a $500K house in New York
$3,534 a month with 20% down — $2,691 principal and interest plus $593 property tax and $250 insurance.
New York's typical property tax is 1.42% of the home's value a year (U.S. average 0.9%), which adds $593 a month on a $500K home. The typical home in New York is worth $524,942, so $500K is 5% below the typical price.
$500K 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 | $100,000 | $400,000 | $2,691 | $0 | $843 | $3,534 | $151,500 |
| 10% down | $50,000 | $450,000 | $3,027 | $188 | $843 | $4,058 | $173,900 |
| 5% down | $25,000 | $475,000 | $3,195 | $198 | $843 | $4,237 | $181,600 |
| 3.5% down (FHA) | $17,500 | $490,944 | $3,303 | $221 | $843 | $4,367 | $187,200 |
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 $500K buy a typical home?
In these counties the typical home value is within 15% of $500K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Bronx County | $503,721 | 1.03% | $3,369 |
| Dutchess County | $504,887 | 1.89% | $3,727 |
| Columbia County | $489,917 | 1.4% | $3,523 |
| Saratoga County | $468,194 | 1.4% | $3,524 |
| Orange County | $467,501 | 2.19% | $3,853 |
| Ulster County | $451,636 | 1.77% | $3,678 |
51 of 62 New York counties tracked by Zillow have a typical home value at or below $500K. See all New York home prices.
Other prices in New York
Frequently asked questions
What is the mortgage on a $500K house in New York?
About $3,534 a month with 20% down at 7.11%: $2,691 principal and interest, $593 property tax and $250 insurance.
How much do I need to make to buy a $500K house in New York?
About $151,500 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $500K house in New York?
At New York's typical effective rate of 1.42%, about $7,120 a year. Rates vary by county and city — see the county pages.