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Albany, NY mortgage & affordability calculator

The typical home in Albany, NY is worth about $300,000. With 20% down that's a loan near $240,000 — the calculator is pre-filled with that figure. As New York's capital, Albany's economy leans on state-government employment, giving it steadier demand than much of upstate New York. Property tax rates are high relative to the national average, though still lower than nearby Syracuse or Rochester on a like-for-like home.

$1,558.23 / month

Total interest
$320,964
Total paid
$560,964
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$60k$120k$180k$240k0612182430Year

How much you need to earn

Albany, NY's median household income is about $74,000 a year. Under standard 28/36 lending rules that supports a home price around $224,546 with 20% down — below the $300,000 typical price, so many buyers need a larger down payment, a co-borrower, or a longer commute.

$224,611 max home price

Max loan amount
$164,611
Housing payment budget
$1,727
P&I budget
$1,069
Bound by
front-end ratio

Uses the 28% front-end / 36% back-end DTI guidelines. Lenders vary.

Typical asking rent in Albany, NY is about $1,450 a month, so owning the median home costs roughly $767 more per month before tax effects, maintenance, and any change in home value.

Frequently asked questions

What is a typical mortgage payment in Albany, NY?
On the metro's roughly $300,000 typical home with 20% down, the loan is about $240,000. Principal and interest run near $1,558 a month at today's rate, and Albany, NY's property tax plus insurance add about $658, for a full payment near $2,217.
Can I afford a home in Albany, NY on the median income?
The median household income is about $74,000 a year. Under standard 28/36 lending rules that supports a home price around $224,546 with 20% down — below the $300,000 typical price, so buyers often need a larger down payment or a co-borrower.
Is it cheaper to rent or buy in Albany, NY?
Typical asking rent is about $1,450 a month. The full owner payment on a median home is near $2,217, so owning costs roughly $767 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in Albany, NY?
The effective property tax rate in the core county is about 2.20% of market value — roughly $6,600 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in Albany, NY rising or falling?
Home values are up about 5% over the past year. As New York's capital, Albany's economy leans on state-government employment, giving it steadier demand than much of upstate New York. Property tax rates are high relative to the national average, though still lower than nearby Syracuse or Rochester on a like-for-like home.

Nearby metros

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