How Much Mortgage Can I Qualify for in NYC? (2020) | Mortgage Calculator for NYC – Hauseit®

The answer to how much mortgage you can qualify for in New York City depends on many factors. These include your gross income, anticipated housing expenses, your other credit payments, prevailing mortgage interest rates and the maximum debt-to-income ratio allowed by your bank and the apartment building, if you’re buying a co-op. To estimate how much mortgage you can afford in NYC, visit Hauseit’s free and interactive Mortgage Affordability Calculator at So, How Much Income Must You Have to Qualify for a Mortgage in NYC? The first step to answering how much mortgage can I qualify for in NYC is to find your annual or monthly gross income. Banks will use your gross income figure as an important building block for the Debt-to-Income Ratio. 43% is a fairly standard maximum debt-to-income ratio used by banks for conforming mortgages. This means that the sum of your monthly housing expenses and other mandatory credit or loan expenses cannot exceed 43% of your monthly gross income. What If I Have Many Assets but Little Income? If you’re lucky enough to be asset rich but income poor, then you can still qualify for an asset based loan with many banks in New York City. For example, one major Wall Street bank we spoke with headquartered in Midtown will lend up to 25% of your liquid assets for a home purchase. What Should I Assume for Housing Expenses? This is a great question. What should I assume for housing expenses if I don’t even know how much mortgage can I qualify for in NYC? The best way around this circular logic is to test a few hypothetical purchases, starting with the maximum amount of home and mortgage you can afford based on how much you have saved for a down payment and anticipated closing costs. For example, let’s assume you’ve saved up enough to cover a 20% down payment for a $1,000,000 condo purchase in addition to anticipated closing costs which you’ve calculated through Hauseit’s NYC Buyer Closing Cost Calculator. In this example, you’d assume a mortgage of $800,000 at prevailing interest rates for a 30 year fixed rate mortgage. Take a look at our article on condo common charges vs co-op maintenance fees for inspiration on what to assume for average monthly carrying charges, or you can use real numbers for an actual listing you would consider buying. For annual home owner’s insurance, assume something reasonable between $1,000 to $2,000 per year. Also remember to include any other debt payments you have such as student loan or car payments. Anything that shows up on your credit report should be included in your total expenses. Use Hauseit’s Mortgage Affordability Calculator to determine whether you make enough income to afford all of these expenses. If not, simply test again with a smaller mortgage or an apartment with fewer monthly carrying charges. Quick tip: you can save money on your purchase and reduce your buyer closing costs by requesting a Hauseit Buyer Closing Credit. We’ve helped buyers in New York City save millions of dollars in closing costs since we opened our doors in 2014, and we’d love to help you too. To request a Hauseit Buyer Closing Credit, visit

1 thought on “How Much Mortgage Can I Qualify for in NYC? (2020) | Mortgage Calculator for NYC – Hauseit®

  1. One of the best mortgage affordability calculators I've seen, and it's applicable for us in NYC as well, thank you very much 🙂 Keep up the good work guys, I do try to watch your channel regularly!

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