Free NYC Calculator
NYC Mortgage Affordability Calculator
New York mortgage math is more complicated than anywhere else in the country. Your lender approves you at one number. A co-op board may approve you at a lower one. This calculator runs both — the standard 43% back-end DTI lenders use and the 25% front-end DTI most co-op boards require — so you know your real buying limit before you fall in love with a listing.
NYC Mortgage Affordability
What you can actually afford in NYC — lender 43% DTI, co-op board 25% rule, and the 24-month liquidity requirement.
$180K gross / yr · $400/mo debt · 20% down · 7% mortgage · condo
Max price
$745K
Monthly P&I+T
$5,820
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- Lender max + co-op board max side-by-side
- Whichever is lower is your real ceiling
- Liquidity reserve requirement on co-ops
- Includes property tax + maintenance in DTI
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How NYC mortgage affordability actually works
The lender's rule: 43% back-end DTI
Conventional lenders in NYC cap total monthly debt — mortgage P&I, maintenance, taxes, insurance, car loans, student debt — at 43% of gross monthly income. This is the number most calculators give you. But in NYC it's only half the story.
The co-op board's rule: 25% front-end DTI
Co-op boards add their own financial screen. Most require that your mortgage payment plus monthly maintenance stays below 25–28% of gross income — stricter than any lender's rule. A buyer approved at $900K by their bank may be capped at $700K by the board.
The 24-month liquid reserves rule
Beyond DTI, co-op boards require you to have enough liquid assets — after the down payment and closing costs — to cover 24 months of mortgage and maintenance. This "post-closing liquidity" requirement catches buyers who are income-qualified but asset-poor.
Mansion tax and closing costs
NYC buyers pay a 1% mansion tax starting at $1,000,000. It rises to 1.25% at $2M, 1.375% at $3M, and higher above $5M. There's also a mortgage recording tax of 1.8–1.925% of the loan (co-ops are exempt). These closing costs affect how much cash you need to close.
Frequently asked questions
How much house can I afford in NYC?
NYC lenders typically cap your total monthly debt (mortgage P&I, maintenance, taxes, insurance, and all other debts) at 43% of gross monthly income — the back-end DTI. On a $150,000 gross income with no other debt and 20% down at 7%, that puts the maximum purchase price around $650,000–$700,000. The calculator above runs this math in real time.
What is a co-op board's DTI requirement?
Most NYC co-op boards require that your monthly mortgage payment plus monthly maintenance stay below 25–28% of your gross monthly income — a stricter front-end DTI than what lenders allow. This board rule often caps your purchase price well below what a lender would approve. Boards also typically require 20% minimum down payment and 24 months of liquid reserves after closing.
What is the NYC mansion tax?
New York State's mansion tax is a one-time buyer-paid tax that starts at 1% for purchases at $1,000,000 or more and rises progressively to 3.9% for purchases over $25 million. It applies to residential properties in all five boroughs and across New York State. The tax jumps at specific price thresholds — buying at $999,999 vs. $1,000,001 is a meaningful difference.
What is the mortgage recording tax in NYC?
New York City charges a mortgage recording tax (MRT) on new mortgage loans: 1.8% of the loan amount for loans under $500,000, and 1.925% for loans of $500,000 or more. Co-ops are exempt because they involve shares of a corporation rather than a deed. The MRT is paid at closing and is one of the larger NYC-specific closing costs buyers face.
What's the minimum down payment for a NYC co-op?
Most NYC co-op boards require a minimum of 20% down. Some luxury buildings or financially conservative boards require 25–50%. Buyers below 20% down are typically rejected at the board interview regardless of lender approval. FHA and VA loans are generally not accepted by co-op boards because co-ops sell shares, not real property.
What's the difference between a condo and co-op for financing?
Condos are real property — you get a deed, take a traditional mortgage, and pay mortgage recording tax. Co-ops are shares in a corporation — you get a proprietary lease, take a share loan, and avoid mortgage recording tax. The key financing difference: co-ops have an additional DTI screen from the board (typically 25% front-end) on top of the lender's standard approval. Co-ops are also more restrictive on sublets and resales.
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