Mortgage on a $850K house in New York
$6,008 a month with 20% down — $4,574 principal and interest plus $1,009 property tax and $425 insurance.
New York's typical property tax is 1.42% of the home's value a year (U.S. average 0.9%), which adds $1,009 a month on a $850K home. The typical home in New York is worth $524,942, so $850K is 62% above the typical price.
$850K 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 | $170,000 | $680,000 | $4,574 | $0 | $1,434 | $6,008 | $257,500 |
| 10% down | $85,000 | $765,000 | $5,146 | $319 | $1,434 | $6,899 | $295,700 |
| 5% down | $42,500 | $807,500 | $5,432 | $336 | $1,434 | $7,202 | $308,700 |
| 3.5% down (FHA) | $29,750 | $834,604 | $5,614 | $376 | $1,434 | $7,424 | $318,200 |
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 $850K buy a typical home?
In these counties the typical home value is within 15% of $850K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Nassau County | $851,504 | 1.46% | $6,034 |
| Westchester County | $877,732 | 1.51% | $6,068 |
| Rockland County | $758,178 | 1.68% | $6,186 |
| Queens County | $745,223 | 0.87% | $5,616 |
| Kings County | $962,988 | 0.71% | $5,499 |
| Suffolk County | $729,701 | 1.73% | $6,224 |
| Richmond County | $724,119 | 0.92% | $5,654 |
58 of 62 New York counties tracked by Zillow have a typical home value at or below $850K. See all New York home prices.
Other prices in New York
Frequently asked questions
What is the mortgage on a $850K house in New York?
About $6,008 a month with 20% down at 7.11%: $4,574 principal and interest, $1,009 property tax and $425 insurance.
How much do I need to make to buy a $850K house in New York?
About $257,500 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $850K house in New York?
At New York's typical effective rate of 1.42%, about $12,105 a year. Rates vary by county and city — see the county pages.