New York Mortgage Calculator
New York’s STAR relief now arrives as a separate check or direct deposit for most new buyers, not a discount on the bill itself — pick your county below to see your real payment.
Loan & Property Details
Auto-fills from the county selected above; edit if you know your exact town + school district combined rate.
Your Estimated Monthly Payment
Choose a county and enter your details to see a plain-language read on your payment.
What If You Paid Extra Toward Principal?
Slide to test an extra monthly payment and see how many years and how much interest it saves.
What If Your Rate Changes?
Your 5-Year Equity Snapshot
Good to Know: What a Seller Pays (Real Estate Transfer Tax)
You won’t pay this as a buyer, but it’s worth understanding since you’ll be a seller someday.
| New York State transfer tax rate | $2 per $500 of sale price (0.4%) |
| Who customarily pays | Seller, at closing |
| Example on a $620,000 sale | $620,000 ÷ $500 × $2 = $2,480 |
| Note | New York City layers on additional local transfer tax and a mansion tax not charged in Nassau, Suffolk, Westchester, or Erie |
The STAR Credit vs. STAR Exemption: A Distinction That Actually Matters for a New Buyer
Search “New York STAR exemption” and a lot of what comes up describes a straightforward reduction printed right on your school tax bill. That’s true for longtime homeowners who enrolled years ago and were grandfathered into the older STAR exemption. But for most homeowners who’ve purchased more recently, New York now delivers STAR as a credit, a check or direct deposit sent separately by the state’s Department of Taxation and Finance, rather than a line-item discount on the bill itself. That means your very first school tax bill as a new owner will typically show the full, un-reduced amount, and your STAR savings will show up later as its own payment, not as a smaller number on the bill you’re budgeting against at closing. As of 2026, New York is actively pushing homeowners toward direct deposit through the Homeowner Benefit Portal to speed this up, and the state announced a $2.1 billion STAR relief expansion this year, concentrated heavily in Long Island and the Mid-Hudson region, alongside regional STAR education sessions that kicked off in Erie County.
Nassau, Suffolk, Westchester, and Erie: how the four biggest counties outside New York City compare
Nassau County runs the highest effective property tax rate of the four, a reputation that predates and outlasts a well-documented 2020 investigative report exposing significant assessment disparities across the county; Nassau remains under real reform pressure, and homeowners there commonly file an annual assessment grievance through the county’s Assessment Review Commission, typically open from early January through early March. Suffolk County, covering the rest of Long Island, runs a similarly elevated rate. Westchester County, just north of New York City, runs a comparatively lower effective rate, though its high home values still produce some of the largest dollar tax bills in the entire country, commonly $12,000 to $16,000 a year and considerably more in communities like Scarsdale. Erie County, home to Buffalo, runs the highest effective rate of the four, but on much lower home values, which keeps its typical dollar bill well below the downstate counties. Switching counties above resets both price and rate defaults to match.
Basic and Enhanced STAR, in plain numbers
Basic STAR is available to owners of a primary residence with household income under $500,000 for the credit version, generally saving somewhere between $350 and $600 a year depending on your school district, though the older exemption version, still held by some longtime owners, requires income under $250,000. Enhanced STAR, for households with at least one owner 65 or older and income under roughly $110,750 for 2026, runs considerably higher, typically $700 to $1,500 a year. Enhanced STAR replaces Basic STAR rather than stacking on top of it. Neither program is automatic for a new purchase; you register directly with the state, not your local assessor, through the Tax Department’s STAR Resource Center.
Relief for veterans and seniors beyond STAR
New York offers a separate Alternative Veterans Exemption, only available in municipalities that have adopted it, reducing assessed value by 15% for wartime service, up to a cap around $12,000, with an additional 10% for combat zone service and further reductions tied to a service-connected disability rating, up to roughly $40,000 combined. A separate Senior Citizens Exemption, distinct from Enhanced STAR, can reduce assessed value by up to 50% on a sliding income scale, commonly starting near $58,399 for the full benefit and phasing down through roughly $66,000, though exact thresholds vary by locality since each taxing jurisdiction sets its own bands.
Common Mistakes New York Buyers Make With the Numbers
- Budgeting a lower school tax bill from day one because “STAR will cover it.” Most new buyers receive STAR as a separate check or deposit, not a reduction on the bill itself.
- Forgetting to register for STAR at all. It’s a state-level registration, not something your local assessor or lender automatically sets up for you.
- Assuming Nassau’s assessed value is accurate without checking. Given the county’s documented history of assessment disparities, an annual grievance filing is common practice there for a reason.
- Comparing Erie County’s high rate to Nassau’s high dollar bill and assuming they’re the same problem. Erie’s burden comes from rate, on modest home values; Nassau and Westchester’s comes from scale, on much higher values.
- Stacking Enhanced STAR on top of Basic STAR. Enhanced replaces Basic; a household gets one or the other, not both.
Tips for Lowering Your New York Mortgage Payment
- Register for STAR directly with New York State as soon as you close, and enroll in direct deposit through the Homeowner Benefit Portal to get your credit faster.
- If a borrower on title is 65 or older and income-qualifies, register for Enhanced STAR instead of Basic, and separately ask your assessor about the Senior Citizens Exemption.
- If a veteran is on title and your municipality has adopted the Alternative Veterans Exemption, file for it with your local assessor.
- If you’re buying in Nassau County, mark your calendar for the annual Assessment Review Commission grievance filing window.
- Use the extra-payment scenario above; even a modest additional principal payment compounds meaningfully over a 30-year New York loan.
Frequently Asked Questions
Why doesn’t my first New York tax bill show my STAR savings?
Most new homeowners now receive STAR as a credit, a separate check or direct deposit from New York State, rather than as an exemption printed directly on the school tax bill. Only longtime owners grandfathered into the older exemption version see it reflected on the bill itself.
What is the difference between the STAR credit and the STAR exemption?
The STAR exemption reduces the taxable assessed value directly on the bill and requires income under $250,000; the STAR credit is a separate payment sent by the state and covers income up to $500,000. Most new applicants receive the credit.
What is the Enhanced STAR income limit for 2026?
Roughly $110,750 for the 2026 benefit year, with at least one owner generally required to be 65 or older; the limit is adjusted annually.
How much is property tax in New York outside New York City?
Nassau, Suffolk, and Westchester counties post some of the highest property tax bills in the country due to high home values, while Erie County runs a higher effective rate but a lower typical dollar bill due to more modest home values.
Why does Nassau County have property assessment problems?
A 2020 investigative report found significant disparities in how Nassau County assessed comparable homes, and the county remains under ongoing reform pressure, which is why annual assessment grievances are common practice there.
Do veterans get a property tax break in New York?
Yes, in municipalities that have adopted the Alternative Veterans Exemption, reducing assessed value by 15% for wartime service, with additional reductions for combat service and service-connected disability.
Does New York have a real estate transfer tax?
Yes, a statewide rate of $2 per $500 of sale price, about 0.4%, customarily paid by the seller; New York City adds further local transfer tax layers not charged elsewhere in the state.
Which New York county has the lowest property tax rate?
Among the state’s largest suburban counties, Westchester generally runs a lower effective rate than Nassau, Suffolk, or Erie, though its home values are high enough to still produce large dollar bills.
What down payment do I need to buy a home in New York?
Conventional loans often start around 5% down, FHA loans typically require 3.5%, and VA loans can allow 0% down for eligible veterans.
Does this calculator include closing costs?
No, this tool estimates the ongoing monthly payment only. New York closing costs, including the transfer tax for sellers, typically add a percentage of the purchase price.
References
- New York State Department of Taxation and Finance, STAR Resource Center and property tax exemption guidance – tax.ny.gov/pit/property/star
- Nassau, Suffolk, Westchester, and Erie County Assessor/Assessment offices, current combined rates – county government sites
- New York Real Property Tax Law (RPTL); Nassau County Assessment Review Commission
- Freddie Mac Primary Mortgage Market Survey, weekly national rate averages – freddiemac.com/pmms
Related DexoCalc Tools
This New York mortgage calculator is part of the Mortgage Calculators cluster I am building out on DexoCalc. Start with the national Mortgage Calculator to compare New York against any other state, see another state with a documented local assessment dispute in the Missouri Mortgage Calculator, compare a very different relief-delivery mechanism in the Maryland Mortgage Calculator, or check a state at an even more extreme tax level in the New Jersey Mortgage Calculator. Browse every state-specific tool as new ones publish on the full Mortgage Calculators hub.
This calculator provides estimates for educational purposes only and is not a loan offer, pre-approval, or substitute for advice from a licensed New York mortgage professional or tax advisor. Property tax, STAR, exemption, and transfer tax figures are approximations that vary by town, school district, and individual circumstances; confirm exact figures with your local assessor. Sources: New York State Department of Taxation and Finance, county assessment offices, Freddie Mac.