Calculate your estimated monthly mortgage payment in New York, including principal, interest, taxes, and insurance (PITI).
Loan Details
Your Estimated Monthly Payment (PITI)
$0.00 Includes Principal, Interest, Taxes, Insurance, and PMI
Understanding Your New York Mortgage Payment
Calculating your monthly mortgage payment is a crucial step when buying a home in New York. A mortgage payment is typically composed of several components, collectively known as PITI: Principal, Interest, Taxes, and Insurance. For many homeowners, especially those with a down payment less than 20%, Private Mortgage Insurance (PMI) may also be required. This calculator helps you estimate your total monthly housing cost.
What is PITI?
Principal: This is the portion of your payment that goes towards paying down the actual amount you borrowed for the home.
Interest: This is the cost of borrowing money. The interest rate on your mortgage determines how much you'll pay in interest over the life of the loan.
Taxes: This component covers your annual property taxes, typically paid monthly to an escrow account managed by your lender. Property tax rates can vary significantly across New York State and its municipalities.
Insurance: This includes your homeowner's insurance premium, which protects your home against damage. Like property taxes, this is usually paid monthly into an escrow account.
PMI (Private Mortgage Insurance): If your down payment is less than 20% of the home's purchase price, lenders often require PMI to protect them against default risk. This is an additional monthly cost.
How the Calculation Works
The core of the monthly mortgage calculation involves determining the principal and interest (P&I) payment. This is typically done using the standard annuity mortgage formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
M = Your total monthly mortgage payment (Principal & Interest)
P = The principal loan amount (Purchase Price – Down Payment)
i = Your monthly interest rate (Annual Interest Rate / 12 / 100)
n = The total number of payments over the loan's lifetime (Loan Term in Years * 12)
Once the P&I is calculated, the other components are added:
When buying a home in New York, be aware that property taxes can be among the highest in the nation, varying greatly by county and city. Additionally, New York has specific closing costs and potential fees (like mansion tax for higher-value properties) that are not directly included in this monthly payment calculator but should be factored into your overall budget. It's always recommended to consult with a local real estate agent and mortgage professional for a comprehensive understanding of all costs involved.
This calculator provides an estimate to help you budget effectively for your New York homeownership journey.
function calculateMortgage() {
var purchasePrice = parseFloat(document.getElementById("loanAmount").value);
var downPaymentInput = document.getElementById("downPayment").value;
var annualInterestRate = parseFloat(document.getElementById("interestRate").value);
var loanTermYears = parseInt(document.getElementById("loanTerm").value);
var annualPropertyTaxes = parseFloat(document.getElementById("annualPropertyTaxes").value);
var annualHomeInsurance = parseFloat(document.getElementById("annualHomeInsurance").value);
var monthlyPMI = parseFloat(document.getElementById("monthlyPMI").value);
var principalLoanAmount = 0;
var downPaymentAmount = 0;
// Handle Down Payment (Percentage or Amount)
if (downPaymentInput.includes('%')) {
var downPaymentPercent = parseFloat(downPaymentInput.replace('%', "));
if (!isNaN(downPaymentPercent) && downPaymentPercent >= 0 && downPaymentPercent <= 100) {
downPaymentAmount = purchasePrice * (downPaymentPercent / 100);
} else {
alert("Please enter a valid down payment percentage (0-100%).");
return;
}
} else {
downPaymentAmount = parseFloat(downPaymentInput);
if (isNaN(downPaymentAmount) || downPaymentAmount 0 && !isNaN(downPaymentAmount) && downPaymentAmount <= purchasePrice) {
principalLoanAmount = purchasePrice – downPaymentAmount;
} else {
alert("Please enter a valid Purchase Price and Down Payment.");
return;
}
// Validate other inputs
if (isNaN(annualInterestRate) || annualInterestRate 100) {
alert("Please enter a valid Annual Interest Rate.");
return;
}
if (isNaN(loanTermYears) || loanTermYears <= 0) {
alert("Please enter a valid Loan Term in Years.");
return;
}
if (isNaN(annualPropertyTaxes) || annualPropertyTaxes < 0) {
alert("Please enter a valid Annual Property Taxes amount.");
return;
}
if (isNaN(annualHomeInsurance) || annualHomeInsurance < 0) {
alert("Please enter a valid Annual Homeowner's Insurance amount.");
return;
}
if (isNaN(monthlyPMI) || monthlyPMI 0) {
principalAndInterest = principalLoanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
// Handle zero interest rate case (though unlikely for mortgages)
principalAndInterest = principalLoanAmount / numberOfPayments;
}
var monthlyPropertyTaxes = annualPropertyTaxes / 12;
var monthlyHomeInsurance = annualHomeInsurance / 12;
var totalMonthlyPayment = principalAndInterest + monthlyPropertyTaxes + monthlyHomeInsurance + monthlyPMI;
// Display the result
var formattedPayment = totalMonthlyPayment.toFixed(2);
document.getElementById("result").innerHTML = "$" + formattedPayment + " Includes Principal, Interest, Taxes, Insurance, and PMI";
}