Mortgage calculator for NY homes

Thinking of buying? Our free NY mortgage calculator will estimate your monthly payments.

Mortgage calculator

Price of Property:
Down Payment:
Annual Interest Rate:
Maintenance or Common Fees:
Monthly (opt)
Property Tax:
Yearly (opt)
Other Fees:
Monthly (opt)

Mortgage summary

Loan amount:
Total interest payment:
Total 0 years payment:

Monthly payment info

Total monthly payment:

Types of mortgages for NYC homes

At Loftey, we’re here to make your real estate dreams come true — with as little stress as possible.  So let us help you find your new home and guide you through the process of financing it with this mortgage calculator. Learn more about different mortgages available below.

Mortgage Calculators for 30- and 15-Year Mortgages for Buying Apartments in New York

A 30-year mortgage involves lower monthly payments but higher overall interest due to the extended repayment period. On the other hand, a 15-year mortgage offers a lower interest rate but comes with significantly higher monthly payments as you're paying off the loan in half the time. Learn more about potential payments with our mortgage monthly payment calculator above.

Adjustable Rate Mortgages vs. Fixed Rate Mortgages

An adjustable-rate mortgage (ARM) is a loan with a variable interest rate, initially fixed for a set period, then adjusting based on federal interest rates. The advantage lies in lower initial interest rates than what would be available through a fixed-rate mortgage. However, the risk involves potential increases in interest ratess.

FHA Loans or a VA Loans To Buy Property in NYC

An FHA loan, backed by the Federal Housing Administration, is tailored for first-time buyers or those who may not qualify for a conventional loan. But some properties, like co-ops or fixer-uppers, may not qualify. VA loans, designed for U.S. military veterans, offer advantages such as no required down payment, no mortgage insurance, and favorable interest rates. You can use our mortgage calculator above to see how these different aspects could affect your monthly payment. However, cons include limited eligibility for certain property types like co-ops, and some condos may not qualify.