Western New York Mortgage Calculator
Find out what a home in Western New York will really cost you each month. This calculator goes past principal and interest. It adds this week's mortgage rates, real Erie and Niagara County property tax rates, homeowners insurance, PMI, and FHA or VA fees, so the number you see is close to what a lender would actually quote you.
Taxes are where WNY payments surprise people most. If you have a specific house in mind, type in its actual tax bill for the most accurate estimate.
Rates are updated every Thursday from Freddie Mac's weekly survey.
Western New York Mortgage Calculator
Estimate your full monthly payment with today's rates, Erie and Niagara County taxes, insurance and PMI.
Getting an Accurate Payment in Erie and Niagara County
Most online mortgage calculators guess at property taxes using a national average of around 1%. Here, the average effective rate runs about 2.2% in Erie County and 2.3% in Niagara County. On a $300,000 home, that's roughly $6,600 a year in taxes instead of $3,000, and that gap alone can throw a payment off by $300 a month.
Three things to check before you trust the number
- Use the full tax bill. A listing often shows the seller's taxes with their STAR savings or senior exemption already taken off. You won't get those on day one, so add up the town, county and school taxes at full value.
- Check the flood zone. Waterfront and low-lying homes on Grand Island, in Lewiston and along the creeks can require flood insurance. Look up the address on the FEMA Flood Map Service Center, then read my guide to waterfront home insurance and regulations.
- Know the tax calendar. In most WNY towns, town and county taxes are billed in January and school taxes in September (cities like Buffalo bill differently). Your lender usually collects for both through escrow, which is why they're part of your monthly payment.
A calculator gives you a ballpark. A pre-approval gives you a real number. Walk through every step in my home buying process guide, clear up the common myths about FHA loans, or search homes for sale in Western New York once you know your price range.
Want to talk it through? See how I help buyers, or call or text me at 716-940-0264.
Mortgage Calculator FAQs
How much are property taxes in Erie and Niagara County?
Average effective rates run about 2.2% of market value in Erie County and about 2.3% in Niagara County, but the real number depends on the town, the school district and any exemptions. Two homes at the same price in different school districts can have tax bills thousands of dollars apart, so always check the actual bill for the home you want.
When does PMI go away on a conventional loan?
You can ask your lender to remove PMI once your balance reaches 80% of the home's original value, and it drops off automatically at 78% as long as you're current on payments. The calculator shows the month and year that's likely to happen based on your down payment and regular payments.
How does FHA mortgage insurance work?
FHA loans charge an upfront premium of 1.75% of the loan amount, which is usually rolled into the loan, plus an annual premium of 0.50% to 0.55% for most buyers, paid monthly. With less than 10% down, the annual premium lasts for the life of the loan. With 10% or more down, it ends after 11 years. Many FHA buyers refinance into a conventional loan later to drop it.
Should I include the STAR credit in my monthly payment?
No. New homeowners in New York don't get STAR as a reduction on their tax bill anymore. Instead, you register with the NYS Department of Taxation and Finance and get a check, as long as the combined income of the owners living in the home is $500,000 or less. Your lender escrows the full tax bill, so plan your payment without STAR and treat the check as a bonus.
How accurate are the mortgage rates in this calculator?
The conventional rates are Freddie Mac's weekly national averages, and FHA and VA rates are current market averages, all updated every Thursday. They assume strong credit, so your actual rate could be higher or lower depending on your credit score, down payment, loan type and points. For an exact rate, get pre-approved with a licensed mortgage lender.