Mortgage on a $550K house in New York
$3,888 a month with 20% down — $2,960 principal and interest plus $653 property tax and $275 insurance.
New York's typical property tax is 1.42% of the home's value a year (U.S. average 0.9%), which adds $653 a month on a $550K home. The typical home in New York is worth $524,942, so $550K is 5% above the typical price.
$550K 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 | $110,000 | $440,000 | $2,960 | $0 | $928 | $3,888 | $166,600 |
| 10% down | $55,000 | $495,000 | $3,330 | $206 | $928 | $4,464 | $191,300 |
| 5% down | $27,500 | $522,500 | $3,515 | $218 | $928 | $4,660 | $199,700 |
| 3.5% down (FHA) | $19,250 | $540,038 | $3,633 | $243 | $928 | $4,804 | $205,900 |
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 $550K buy a typical home?
In these counties the typical home value is within 15% of $550K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Putnam County | $575,184 | 2.12% | $4,207 |
| Dutchess County | $504,887 | 1.89% | $4,100 |
| Bronx County | $503,721 | 1.03% | $3,706 |
| Columbia County | $489,917 | 1.4% | $3,876 |
| Saratoga County | $468,194 | 1.4% | $3,876 |
| Orange County | $467,501 | 2.19% | $4,239 |
53 of 62 New York counties tracked by Zillow have a typical home value at or below $550K. See all New York home prices.
Other prices in New York
Frequently asked questions
What is the mortgage on a $550K house in New York?
About $3,888 a month with 20% down at 7.11%: $2,960 principal and interest, $653 property tax and $275 insurance.
How much do I need to make to buy a $550K house in New York?
About $166,600 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $550K house in New York?
At New York's typical effective rate of 1.42%, about $7,832 a year. Rates vary by county and city — see the county pages.