Incomp Mortgage Calculator

Upfront Cash

$222,860

Monthly Expenses

$7,922

Listing Summary

Address

2 Durmo Rd, New Paltz, NY 12561

Price

$895,000

Property Type

Single Family

Zip Code

12561

Size

2,976 sqft

Built

1987

Beds

Baths

Visit Listing

Loan Terms

Interest

6.65%

Loan Term

Down Payment

20%

Year

Upfront Costs

Adjusting the down payment will change upfront cost totals (below 20% may trigger escrow). Closing costs are rough estimates based on this home's region. These are estimates for educational purposes.

Down Payment

$179,000

The amount of money you pay upfront when buying the home. It's calculated as a percentage of the home's price. We use a 20% default, but you can adjust. Below 20% down payment may trigger PMI, Escrow, and higher rates.

Closing Costs

$42,960

Additional fees you pay when finalizing your home purchase. These can include various charges from your lender, real estate agent, attorney, and local government. We offer an estimate based on the location of sale. These can vary based on property and should be checked with an agent. Some of these fees are negotiable. Some may choose to finance closing costs. Read more.

NY has high closing costs. NYC worsened due to mansion and transfer taxes. Estimated range: 3.5% - 6%

Escrow

A special account where money is held for future tax and insurance payments. Some lenders require this, especially for FHA or VA loans (sometimes Jumbo). We trigger escrow estimates for low credit scores and/or down payments below 20%.

Moving Costs

$900

You will encounter some moving costs. This is our estimate for moving based on home size within the same city.

Total

$222,860

Monthly Costs for Year 1

You can adjust the year of analysis on the sidebar and view breakdowns by selecting the dropdown arrow. Details about each category can be accessed via the information icon. Categories can be hidden by selecting the visibility icon.

Mortgage

$4,596

Principal

$629

When you make a mortgage payment each month, part of it goes towards the principal (paying back what you borrowed) and part goes towards interest (the cost of borrowing). In the early years of your loan, a larger portion of your payment goes towards interest. As time goes on, more of your payment goes towards the principal. As you pay down your principal, you'll pay less in interest. This is because the interest is calculated based on your remaining balance.

Interest

$3,968

The portion of the mortgage payment that goes to paying the cost of borrowing (interest). This is a function of your loan balance. This amount (as a breakdown of your mortgage payment) will lessen over time as your loan balance decreases. With a fixed-rate mortgage, your monthly payment will remain the same, but the breakdown of that payment will change as you pay down more principal and pay less interest (on the remaining balance). You can lessen your lifetime interest expense by paying down principal (prepayment) early - this reduces the number of months left on the loan.

PMI

An extra monthly fee you might have to pay if your down payment is less than 20% of the home's value or if your credit score is on the lower side. It protects the lender if you can't make your payments. For FHA loans, this is called MIP (Mortgage Insurance Premium). This is an estimate. Actual PMI costs vary based on the borrower.

Utilities

$956

Home type, size, age, region and climate area all factor into utility costs. We consider these factors in addition to whether the property has been recently renovated or updated. While actual costs may vary seasonally, we provide an average estimate.

Urban areas like NYC have higher utility costs due to infrastructure and demand.

Electric

$445

Gas

$237

Water

$198

Internet

$75

Upkeep (reserve)

$837

Every month you will encounter costs of homeownership (think repairs, replacements, minor renovations, plumbing, etc.). It is generally recommended you set aside an extra amount beyond that as well for major repairs/replacements in the future (think new roof, fridge, costs of selling the home, etc.). Think of this figure as a savings account for your current and future needs. View more examples of these costs on our resources page. We estimate this amount based on the home price, type, and age (with discounts applied to those with recent updates/renovations). Read more.

We detected a potential partial renovation. This has reduced the upkeep costs for this home despite its age.

Maintenance

Monthly fees you might have to pay if you live in a community with a Homeowners Association (HOA) or in a building with shared expenses (building fees for condos, maintenance + taxes for co-ops). These are subject to annual increases. You may be liable for 'one-off' assessments beyond monthly costs, particularly in older buildings or those at climate risk.

HOA (if relevant)

Maintenance

Property Taxes

$1,011

Even if you own a property, you are subject to annual taxes to your local government for public services (think schools, roads, emergency services). If the listing taxes seem reasonable within our model, we have taken those. If not, we model an estimate. Local governments take an assessment periodically and these taxes are subject to increase.

Listing taxes seem reasonable based on our estimates. Subject to change. Verify with seller.

Insurance

$522

An estimate for basic homeowners insurance to protect your property. Your lender will likely require a policy. This doesn't include extra coverage like flood or fire insurance, and the cost may change yearly. In high climate risk areas without state caps, this can increase rapidly and policies can be outright cancelled.

Coastal flooding risks; flood insurance may be necessary in some areas.

Total

$7,922

Tax Savings for Year 1

Certain housing-related expenses, such as mortgage interest and local property taxes, are deductible from your income at Federal filing, subject to qualifying limits. These deductions typically decrease over time as you pay down your loan. You can adjust the year overview (on the left) to see future projections. Keep in mind that tax policies may change, affecting these deductions. Read more.

Household Income

Filing Status

Single

Additional state and local tax benefits may apply, but are not considered in this calculation. For annual savings, we only account for the net benefit exceeding the standard deduction, which you would receive regardless of property ownership.

Standardized Deduction

$15,000

This is the 2025 standard deduction for the selected filing status. If married filing separately, select single. This is subject to change, but the current tax policy outlook is 'murky' and we have assumed an unchanged situation in the model.

Qualifying deductions

$57,614

This is the total of annual interest expenses (on up to 750k of the loan) and property taxes (up to the 10k SALT cap) for the selected year. Only this amount qualifies at the Federal level. You may qualify for additional state and local deductions. If the qualifying deductions are less than the standard deduction, it does not make sense to itemize. Once again, this is subject to change with tax policy. Learn more in the Resources page.

Net Annual Saving

$10,227

These are the estimated (post-filing) net tax savings of ownership beyond what you would get with the standard deduction. If it is more beneficial to use the standard deduction, this result is zero.

This means that your after-tax effective monthly cost could be lower, as shown below. For more detailed information on these deductions and how we calculate them, refer to the 'Mortgage interest and property tax deductions' section in our resources area.

Monthly costs

$7,922

The total monthly costs modeled for the year selected.

Monthly tax savings

$852

We've broken it down by month for clarity, but these are unrealized financial 'savings' that might not be fully realized until after taxes are filed. Estimates may vary from reality. This is not tax advice.

Effective Monthly Costs

$7,070

Estimates are for educational purposes only. Not financial or tax advice. Terms & Conditions and Privacy Policy apply. Market conditions may vary.

Cost Timeline

Here we project all monthly costs forward based on our estimate of location-specific utility and maintenance inflation estimates, insurance premium projections, and property tax assessments.

We are in public beta!

Feedback and feature requests are appreciated. If you find this useful, please share incomp.app with friends and fam!

Affordability Metrics

The minimum net worth figure includes total upfront costs in addition to minimum maintenance and emergency fund reserves. We use traditional, industry-standard rules to back out minimum incomes and debt loads.

Minimum Net Worth

$287,748

Upfront costs

$222,860

Combined upfront cost calculated in the section above.

Emergency fund

$46,988

The minimum suggested savings for unexpected home-related expenses for this property. The amount is based on your property's type, price, and age.

Maintenance reserve

$17,900

A minimum additional recommended savings buffer for expected home maintenance over time. Like the emergency fund, this is based on your property's characteristics. The 'upkeep' line item in monthly costs will go towards contributing to this reserve.

Minimum Household Income

$262,695

Minimum Annual Income

$262,695

This income is derived from housing costs being 28% of household income.

Risky Annual Income

$171,057

This income is derived from housing costs being 43% of household income. For many lenders this is the most extreme ratio at which they will lend.

This may not be a sustainable income to maintain homeownership without an appropriate savings reserves.

Maximum Household Debt

$94,570

Lenders look at debt to income ratios during the application. Shown here is a 36% ratio. Above 43% is considered high. FHA insured loans may allow up to 50%.

Buy vs. Rent

This is a complex decision tree with many volatile variable factors. You can learn about all the items impacting this calculation in our Resources area. We run our cost model for the specific property and estimate market conditions to find the breakeven period. Actual conditions may vary. Read more.

Coming soon: adjust for tax benefits, sale costs, override the model to national averages, and more!

Current Rent

Buying is better than renting if in the property for at least 18 years.

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