New York City Mortgage Calculator
Use our mortgage calculator to determine your monthly mortgage payment. Our monthly payment estimates are divided by principal and interest, common charges/maintenance, property taxes, and homeowner’s insurance. Purchasing a condo or co-op? visit: Buying an apartment
Since the real estate crisis, most lenders offer three main types of mortgages: Fixed-rate mortgages of 5, 7, 15, 20, and 30-year terms, adjustable-rate mortgages and ARMs where the interest rate fluctuates over the life of the loan or hybrids that combine a period of a fixed-rate mortgage, typically from three to ten years, with the remaining years at an adjustable rate.
We recommend you seek mortgage pre-approval with your chosen lender before making an offer on a property in New York City. Once your offer is accepted, and the contract is signed, it’s time to complete your mortgage application package and choose the right home financing product. These questions will help you make an informed decision about your mortgage.
Which mortgage product do you recommend for me?
Ask your lender to discuss the advantages and disadvantages of available mortgage loans.
Are rates, terms, fees, and closing costs negotiable?
Can I use discount points to buy down my interest rate? A point costs 1% of the mortgage amount, paid upfront, in exchange for reducing the interest rate over the loan’s life. In some cases, buying down your interest rate can save tens of thousands of dollars over the life of your mortgage loan. Visit our buyer’s closing cost calculator for a breakdown of estimated closing costs.
What is your policy regarding private mortgage insurance (PMI), and how much does it cost?
PMI is usually required if your mortgage amount is more than 80% of the home’s value. Most lenders will let you drop PMI once you’ve built up enough equity, but be sure to ask your lender’s policy.
How long is the rate lock period?
Typically in New York City, the rate lock period is 30, 45, or 60 days. Also, depending on the type of loan program, the rate lock period may extend beyond 60 days.
Will my rate go down if interest rates drop during the rate lock period?
The lender will honor the quoted interest rate during the rate lock period even if interest rates go up.
How much is the penalty if I should need to extend the rate lock?
There could be times the Co-op board approval process may exceed your rate lock period, so knowing the penalty or whether you should extend is crucial to understand.
Do you charge a penalty if I prepay the loan?
If you plan to sell your home in three or four years, it’s essential to understand the lender’s prepayment policy.
How long will the Mortgage Loan process take?
The average time to close a loan is 30-60 days.
Will, you service the mortgage yourself, or is it contracted out to a third party?
What are the escrow requirements for my loan? Most lenders pay your property taxes and homeowner’s insurance premiums using money collected each month in addition to the principal and interest payments and held in an escrow account until the tax and insurance payments are due.