NY First-Time Homebuyer Affordability Calculator

Estimate how much home you may be able to afford in New York, see a full monthly payment breakdown, compare SONYMA to a conventional 30-year mortgage, and view a complete amortization schedule.

This calculator provides rough estimates for educational purposes only. It is not a loan quote, preapproval, or commitment to lend. We do not collect or store your Social Security number, birth date, bank information, or any sensitive financial details — everything you enter stays in your browser. Actual affordability depends on your full financial profile, the lender, the program, and the property. Always get a Loan Estimate from a licensed lender.

Your Numbers

Enter estimates below. Nothing is saved or sent anywhere.

Combined gross (pre-tax) income for all borrowers
Car loans, student loans, credit cards, etc. — not rent
Cash you plan to put down (SONYMA allows as little as 3%)
Varies widely by NY municipality — check the local assessor
Typical NY estimate is roughly $1,000–$2,500/year
For condos/co-ops/HOAs. Enter 0 if none
Used to estimate private mortgage insurance (PMI)
Use a current estimate — see the rate links below
Most first-time buyers choose 30 years
SONYMA limits and taxes vary by county
If you have a specific home in mind, enter its price to see the payment breakdown for that price. Leave blank to use your estimated affordable price.

How This Estimate Works

Affordability is estimated by capping your total monthly debts (including the new housing payment) at about 43% of your gross monthly income — a common qualified-mortgage guideline. We subtract your existing monthly debts, property taxes, insurance, HOA charges, and estimated PMI, then work backward to a loan and home price using your interest rate and loan term.

Private Mortgage Insurance (PMI)

If your down payment is under 20% of the price, lenders typically require PMI. We estimate the rate from your credit score range. PMI usually drops off once you reach about 20% equity. SONYMA uses its own mortgage insurance structure, which can differ.

Why your lender's number may differ

Lenders consider your full credit report, employment history, assets, the specific property, and program rules. Use this tool to plan and ask better questions — then get a real Loan Estimate.

Need to estimate cash for closing too? Try our Cash Needed at Closing Calculator.

Get the Free NY First-Time Homebuyer Guide

Enter your information to receive the guide and, if you choose, request a connection with a local real estate professional who works with first-time buyers.

Information submitted through this form is used to deliver the guide and homebuyer resources. Your information is only shared with a participating local real estate professional if you check both the contact and consent boxes above. Do not submit Social Security numbers, bank account information, birth dates, or other sensitive financial information.

Sponsored placement. Paid advertising only. Not a referral, endorsement, recommendation, or guarantee of services. Users should independently evaluate any real estate professional before choosing to work with them.