Mortgage Calculator

Your monthly payment has four parts (PITI): Principal — the portion that reduces your loan balance; Interest — the lender's fee; Taxes — your annual property tax divided by 12; and Insurance — your annual homeowner's policy divided by 12. If you have an HOA, that's added on top. This calculator shows all components so you see the full picture.

A 20% down payment avoids Private Mortgage Insurance (PMI) and gives you the lowest monthly payment. However, FHA loans allow as little as 3.5% down, and many conventional programs allow 5–10%. For a $650,000 home, 20% down is $130,000. First-time buyer programs through SONYMA and NYC HPD may offer down payment assistance — we can connect you with the right lender.

Property taxes in Queens vary by neighborhood and property type. A single-family home in Ozone Park or Richmond Hill may have annual taxes ranging from $4,000 to $12,000+. Multi-family properties often have higher assessments. Always verify the current tax bill with your agent before making an offer — tax increases after purchase are possible.

Private Mortgage Insurance protects the lender if you default, and is required on conventional loans with less than 20% down. It typically costs 0.5–1.5% of the loan amount per year — on a $520,000 loan that could be $216–$650/month. You can avoid it by putting 20%+ down, using a piggyback loan, or asking your lender about PMI-free programs.

A 15-year mortgage builds equity faster and costs significantly less in total interest — but your monthly payment will be roughly 40–50% higher. A 30-year gives you lower monthly payments and more cash flow flexibility, which many buyers in Queens prefer given the higher home prices. Use this calculator to compare both and see the total interest difference for your loan amount.

Rates change daily. Your actual rate depends on your credit score, loan amount, down payment, loan type, and the lender you choose. The best way to know your rate is to get pre-approved — a 30-minute call with a lender is all it takes. We work with trusted local mortgage professionals and can make a warm introduction at no cost to you.