How much down payment do I need for a New York home?

It depends on the loan type. This calculator shows the four common tiers — 3%, 5%, 10% and 20% — for any New York home price. On a $300,000 home that is $9,000, $15,000, $30,000 or $60,000 down respectively.

When do I avoid PMI in New York?

Private mortgage insurance is typically required on conventional loans until you reach 20% equity. Put 20% down and there is no PMI; below that, this tool estimates PMI at about 0.5% of the loan per year.

How is the monthly PMI estimate calculated?

PMI here is estimated as the loan amount times 0.5% per year, divided by 12. On a $285,000 loan (5% down on a $300,000 New York home) that is about $118.75 per month. Your lender sets the real rate by credit score and loan type.

What upfront cash do I need to close in New York?

Upfront cash is your down payment plus closing costs. At 3% closing costs on a $300,000 home, a 5%-down buyer needs about $15,000 down plus $9,000 closing, roughly $24,000 total before reserves.

New York Down Payment Calculator

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New York down payment calculator

Estimate the down payment for a New York home and see exactly when you cross the 20% threshold that removes private mortgage insurance (PMI). Enter a price and the tool breaks down the cash needed at 3%, 5%, 10% and 20% down, with the loan amount, an estimated monthly PMI cost, and your total upfront cash including closing costs.

How it works

For each tier the down payment is price × percent, and the loan is price − down payment. Below 20% down, conventional loans usually carry PMI, estimated here as the loan balance times 0.5% per year, divided by 12 for a monthly figure. At 20% down PMI disappears. Upfront cash adds your closing-cost estimate (a percent of price you control, defaulting to 3%) to the down payment.

Example

On a $300,000 New York home with 3% closing costs ($9,000):

3% down — $9,000 down, $291,000 loan, ~$121.25/mo PMI, $18,000 upfront
5% down — $15,000 down, $285,000 loan, ~$118.75/mo PMI, $24,000 upfront
10% down — $30,000 down, $270,000 loan, ~$112.50/mo PMI, $39,000 upfront
20% down — $60,000 down, $240,000 loan, no PMI, $69,000 upfront

Going from 10% to 20% down adds $30,000 of cash but removes roughly $112/month of PMI.

Notes

Estimate only — not financial advice. PMI is approximated at 0.5%/yr of the loan; your lender sets the actual rate by credit score, loan-to-value and loan program (FHA, VA and USDA loans use different mortgage-insurance rules). Closing costs vary by lender and New York county. All math runs in your browser.