New York First-Time Homebuyer Calculator
First-time homebuyer costs in New York: $14,700 FHA down payment, $15,960 closing costs, 1.72% property tax. See total upfront costs & monthly payments.
How This Calculator Works
Calculation methodology and assumptions
First-time homebuyer cost breakdown for New York. Includes down payment, closing costs (3.8%), PMI (required below 20% down), property tax (1.72%), and homeowners insurance ($1,640/yr). Note: New York requires an attorney at closing. DTI ratio should stay below 43% for conventional loans and 50% for FHA.
Key State Information
New York homebuyer facts: Median price $420,000 | 20% down = $84,000 | FHA 3.5% down = $14,700 | Closing costs ~$15,960 | Property tax 1.72% | Attorney required at closing.
Frequently Asked Questions
How much do I need to buy a house in New York?
For New York's median home ($420,000): FHA minimum down payment is $14,700 (3.5%), plus $15,960 in closing costs. Total minimum: ~$30,660. With 20% down to avoid PMI: ~$99,960.
What are closing costs in New York?
New York closing costs average 3.8% of the home price, or about $15,960 on the median home. This includes title insurance, appraisal, origination fees, recording fees, and required attorney fees. Transfer taxes are 0.4%.
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