Mortgage on a $700K house in New York
$4,948 a month with 20% down — $3,767 principal and interest plus $831 property tax and $350 insurance.
New York's typical property tax is 1.42% of the home's value a year (U.S. average 0.9%), which adds $831 a month on a $700K home. The typical home in New York is worth $524,942, so $700K is 33% above the typical price.
$700K 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 | $140,000 | $560,000 | $3,767 | $0 | $1,181 | $4,948 | $212,100 |
| 10% down | $70,000 | $630,000 | $4,238 | $263 | $1,181 | $5,681 | $243,500 |
| 5% down | $35,000 | $665,000 | $4,473 | $277 | $1,181 | $5,931 | $254,200 |
| 3.5% down (FHA) | $24,500 | $687,321 | $4,624 | $310 | $1,181 | $6,114 | $262,000 |
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 $700K buy a typical home?
In these counties the typical home value is within 15% of $700K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Richmond County | $724,119 | 0.92% | $4,657 |
| Suffolk County | $729,701 | 1.73% | $5,126 |
| Queens County | $745,223 | 0.87% | $4,625 |
| Rockland County | $758,178 | 1.68% | $5,095 |
54 of 62 New York counties tracked by Zillow have a typical home value at or below $700K. See all New York home prices.
Other prices in New York
Frequently asked questions
What is the mortgage on a $700K house in New York?
About $4,948 a month with 20% down at 7.11%: $3,767 principal and interest, $831 property tax and $350 insurance.
How much do I need to make to buy a $700K house in New York?
About $212,100 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $700K house in New York?
At New York's typical effective rate of 1.42%, about $9,969 a year. Rates vary by county and city — see the county pages.