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Rates as of November 5, 2026 · Freddie Mac via FRED

New York Refinance Calculator

Should you refinance your New York mortgage? Calculate monthly savings, break-even period, and lifetime interest savings — accounting for New York's ~$7,000 average closing costs.

New York Refinance Break-Even Calculator

Compare your current mortgage to a new one. Closing costs default to the New York average.

$
%
years
%
years
$
Verdict
Probably not worth it
7.8-year break-even is too long
Break-Even
7.8 years
to recoup closing costs
Monthly Savings
$74.93
lower payment
Current P&I
$1,971.74
7.250% over 27y
New P&I
$1,896.82
7.180% over 30y
Lifetime Savings
-$51,010
net of closing costs

Refinance Closing Costs in New York

Typical out-of-pocket costs to refinance in New York. Some lenders offer no-closing-cost refis in exchange for a higher rate.

Avg Total Closing Costs
$7,000
Property Tax Rate
1.62%
Current 30-Year Rate
7.180%
New York-specific: New York charges a mortgage recording tax (1.8-2.8% of loan amount) on refinances unless using a CEMA agreement.
New York snapshot

What a median New York home costs at today's rate

Zillow Home Value Index for New York, August 2026, combined with the Freddie Mac 30-year rate of 7.18% (November 5, 2026), New York's 1.62% effective property tax rate, and a $1,800/yr average insurance premium.

Median home value
$526,714
+5.6% vs. a year ago · +43% vs. US
Monthly payment (20% down)
$3,716
P&I $2,855 · tax $711 · ins. $150
Income needed
$159,200
Payment ≤ 28% of gross income
Annual property tax
$8,533
1.62% effective rate
Down payment (20%)
$105,343
Loan amount $421,371
Largest New York metros (Zillow median · income needed at 20% down)
New York, NY · $735,075 · needs $215,800Buffalo, NY · $291,683 · needs $89,500Rochester, NY · $286,834 · needs $88,100Albany, NY · $375,358 · needs $113,300
🏠 Achieving the Dream + Conventional Plus: up to 3% down-payment help (second mortgage (forgiven after 10y)) →Full payment breakdown on a $550,000 New York home →Compare all 50 states and 100 metros →

Should You Refinance Your New York Mortgage?

The classic rule of thumb is to refinance when you can lower your rate by at least 0.75-1.0 percentage points, but the real test is the break-even period: how long it takes for monthly savings to recoup the closing costs. In New York, with average closing costs of $7,000, you'll typically need to save $100-200/month to break even within 2-4 years.

The break-even formula

Break-even months = Closing costs ÷ Monthly savings. If your refi saves you $250/month and costs $7,000, that's 28 months (2.3 years) to break even. If you'll be in the home longer than that, the refi is worth it.

Cash-out vs rate-and-term refi

A rate-and-term refi just changes your interest rate and/or loan length. A cash-out refi gives you a check from your equity but typically carries a higher rate (0.25-0.5% premium). For New York homeowners with significant equity, a cash-out refi can fund renovations or pay off high-interest debt — but only do it if the math beats other borrowing options.

When to skip refinancing

Don't refi if you plan to sell or move within your break-even window, if your credit has dropped since the original loan, or if you'd be resetting a 30-year clock when you're already 15+ years in (you'd pay more total interest). Also skip if your rate savings are under 0.5% — closing costs eat the benefit.

Compare lenders for the best New York refi rate

Refinance rate quotes can vary by 0.25-0.5 percentage points between lenders for the same borrower profile. Get at least 3 quotes — online marketplaces let you compare prequalified offers without affecting your credit score.

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