FHA Loan Calculator for New York
Estimate your monthly FHA payment including upfront and annual MIP
Enter FHA Loan Details
Prefilled values are illustrative. Replace them with your property’s price, local tax estimate, insurance quote and lender offer.
FHA minimum is 3.5% with 580+ credit score
FHA vs Conventional Comparison
| FHA | Conventional | |
|---|---|---|
| Min Down Payment | 3.5% | 3% - 20% |
| Credit Score Required | 500+ | 620+ |
| Monthly MIP/PMI | $XXX | $XXX |
| Monthly Payment (Est.) | $X,XXX | $X,XXX |
| Best For | Lower credit/savings | Better credit/more savings |
Planning a purchase in New York
The prefilled price, tax percentage, and interest rate are illustrative inputs, not verified New York averages or lender quotes. Replace them with the property's price, a local tax estimate, an insurance quote, and your lender's rate.
STAR credit and exemption are not the same payment method
New York's STAR program can deliver school-tax relief through a credit paid to the eligible owner or an exemption reducing a school-tax bill. New buyers should check registration and eligibility instead of assuming that a seller's exemption transfers.
For your estimate: Use the tax bill and lender escrow estimate for monthly planning. Account for an expected STAR credit separately so it is not subtracted twice or assumed to arrive monthly.
New York Taxation: STAR questionsMortgage recording tax is a closing cost
New York mortgage recording taxes can include local taxes in addition to state charges. The state's current mortgage recording return lists rates by jurisdiction, which means the property location matters when estimating transaction costs.
For your estimate: Ask the closing professional for the recording-tax amount and any applicable treatment for your loan. Budget it in cash to close; it is not the recurring property-tax percentage in this calculator.
New York Taxation: mortgage recording tax returnLocal guidance reviewed . Confirm eligibility, funding and property-specific costs directly before making a decision.
Using local estimates in this tool
The tax field multiplies the home's price by a percentage. If your assessor estimates an annual tax bill, divide that bill by the entered home price and multiply by 100. Do not enter an assessment ratio or millage directly. For example, an illustrative $4,800 annual bill on a $400,000 price corresponds to 1.2%; these are not local averages.
This FHA estimate includes mortgage insurance, but it does not determine county eligibility or model an assistance loan. Check the base loan against the current county limit.
Official resources and next steps
HUD housing and homeownership resources for New York provides further counseling and housing contacts.
For FHA financing, use HUD's county and unit-count lookup. Select New York, the property's county, the calendar year, and the number of units. The 2026 national one-unit floor of $541,287 is a baseline, not a determination of the limit for every county in New York.
HUD directory reviewed 2026-09-25. HUD state directory. Local figures are not represented as verified statistics.
Amortization Schedule with MIP
| Year | Balance | Principal | Interest | MIP | Total Paid |
|---|
What is an FHA Loan Calculator in New York?
This FHA estimate combines principal and interest, property taxes, home insurance, and mortgage insurance premiums. Use the local guidance above to replace example inputs with property-specific costs; confirm the county loan limit and eligibility with your lender.
How It Works
Enter Home Price and Down Payment
FHA allows down payments as low as 3.5%. Enter your home price and planned down payment amount.
Select Loan Term and Interest Rate
Choose between 15 and 30-year terms. Enter your expected interest rate from an FHA-approved lender.
Add Property Tax and Insurance
Include property tax rate (varies by state) and annual home insurance cost for complete PITI calculation.
Decide on Upfront MIP
Choose whether to pay the 1.75% upfront MIP at closing or roll it into your loan. Rolling increases your balance but reduces closing costs.
Review Monthly Payment
Your total monthly PITIMI includes principal, interest, taxes, insurance, and monthly MIP (Mortgage Insurance Premium).
Formula Explanation
Monthly Payment (PITI+MIP)
Variables:
M — Total monthly payment P — Loan principal after upfront MIP r — Monthly interest rate n — Total number of payments Monthly MIP — Annual MIP ÷ 12 Upfront MIP (UFMIP)
Variables:
UFMIP — Upfront mortgage insurance premium Base Loan — Loan amount before UFMIP Real-World Examples
$350,000 Home with 3.5% Down Payment
Input Values
Results
With 3.5% down ($12,250), your base FHA loan is $337,750. Upfront MIP of 1.75% adds $5,910.
$280,000 Home with 10% Down Payment
Input Values
Results
With 10% down, your annual MIP rate drops to 0.45% and MIP cancels after 11 years instead of the life of the loan.
High-Cost Area: $600,000 Home with FHA Loan Limit
Input Values
Results
In high-cost areas, FHA loan limits can reach $1,089,300. The upfront MIP of $10,133 can be rolled into the loan.
Common Mistakes to Avoid
Forgetting about upfront MIP
FHA loans charge 1.75% upfront MIP that can be rolled into the loan. On a $300,000 loan, that's $5,250 added to your balance.
Not comparing FHA MIP to conventional PMI
FHA annual MIP ranges from 0.45-1.05% of loan amount. Conventional PMI is often cheaper with 20% down and good credit.
Assuming MIP goes away like PMI
With less than 10% down, FHA MIP lasts the life of the loan. Conventional PMI can be cancelled at 20% equity.
Not checking FHA loan limits
FHA loan limits vary by county and can be as low as $420,680 in some areas.
Pro Tips
FHA loans require a 580+ credit score for best rates with 3.5% down
Upfront MIP can be rolled into your loan to reduce closing costs
Annual MIP rates vary - compare with conventional PMI costs
FHA loans are assumable - helpful when selling to buyers with less cash
Streamline refi available if your FHA loan is currently owned by FHA
Property must meet FHA minimum property standards
Seller can contribute up to 6% of sale price toward closing costs
Last updated: September 25, 2026
Frequently Asked Questions
Are the defaults current New York market averages?
Where can I check FHA limits in New York?
What determines FHA mortgage insurance?
FHA assumptions and official sources
These tools estimate one-unit, standard FHA forward mortgages. They do not determine approval, special-program eligibility, or an individual county's limit. The 2026 one-unit floor is $541,287 and the ordinary high-cost ceiling is $1,249,125. Special exception areas have separate ceilings. Check HUD's county and unit-count lookup before applying.
For terms over 15 years, annual MIP is 0.50% or 0.55% for base loans at or below $726,200, and 0.70% or 0.75% above that threshold, depending on whether the down payment is at least 5%. For terms up to 15 years, rates range from 0.15% to 0.65%, depending on base loan size and LTV. Initial monthly MIP is estimated as base loan × annual rate ÷ 12. Where totals are projected, MIP is held constant during its required duration; actual premiums can decline with the insured balance.
The refinance tool instead uses the lender MIP rate you enter because the required original value, endorsement date, and refund details are not available. Tax and insurance inputs are estimates, not quotes.
Sources checked 2026-09-25: HUD 2026 limits; HUD MIP tables.