New York Mortgage Calculator

In New York's five boroughs and Westchester, Nassau, Putnam, Rockland, Orange, Suffolk, and Dutchess counties, the 2026 FHFA high-cost conforming loan limit is $1,209,750. In upstate New York and other standard counties, the limit is $806,500. NYC loans above $1,209,750 are jumbo loans requiring 20%+ down and stricter underwriting. Source: FHFA 2026 Conforming Loan Limit Table (https://www.fhfa.gov/data/conforming-loan-limit).

New York State charges a mortgage recording tax on the loan amount — not the purchase price. The rate is 0.5% for loans under $500,000 and 1.0–1.3% for loans over $500,000 outside NYC. In New York City, the rate is 1.8% for loans under $500,000 and 1.925% for loans of $500,000 or more. On a $400,000 mortgage outside NYC, the tax equals $2,000. NYC buyers typically pay $7,700+ on a $400,000 loan. This is paid at closing by the borrower. Source: New York State Department of Taxation and Finance (https://www.tax.ny.gov/pit/property/mortgagetax.htm).

New York State's mansion tax applies to any residential purchase of $1,000,000 or more. The base rate is 1% of the full purchase price, paid by the buyer. For purchases over $2M in NYC, the rate increases on a graduated scale up to 3.9% for properties over $25M. On a $1,000,000 home, the mansion tax is $10,000. This is in addition to the standard transfer taxes. Source: New York State Department of Taxation and Finance (https://www.tax.ny.gov/bus/transfer/rptidx.htm).

New York's School Tax Relief (STAR) program provides property tax savings for primary residences. Basic STAR reduces your school tax bill by approximately $300/year for most homeowners. Enhanced STAR (for seniors 65+) saves around $650–$1,400/year. As of 2024, new applicants receive STAR as a check from the state rather than a direct exemption from the county. Apply through your local assessor's office or at https://www.tax.ny.gov/pit/property/star/.

SONYMA (State of New York Mortgage Agency) offers the Achieving the Dream program with below-market rates and the Down Payment Assistance Loan providing up to $15,000 at 0% interest, forgiven after 10 years. NYC residents can also access the HomeFirst program offering up to $100,000 as a forgivable grant. Income limits for SONYMA programs are generally $80,000–$135,000 depending on county and household size. Visit https://hcr.ny.gov for current income limits and participating lenders.