Current Avg. Rates: 6.46% 30-yr fixed|5.77% 15-yr fixed
Source: Freddie Mac Primary Mortgage Market Survey
Source: Freddie Mac Primary Mortgage Market Survey
New York City vs Philadelphia: Mortgage Cost Comparison
Thinking about buying in New York City or Philadelphia? Here's a side-by-side comparison of mortgage costs in both cities.
$4,744
New York City PITI
$1,836
Philadelphia PITI
$2,908/mo
Difference
Your Monthly Payment (PITI)
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Principal + Interest + Tax + Insurance
Monthly Breakdown
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Property Tax
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Insurance
Loan Overview
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Total Interest
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Payoff Date
Bi-Weekly Option
? Pay half your monthly payment every two weeks — you'll make 26 half-payments (13 full payments) per year instead of 12
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Bi-Weekly Payment
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Total Interest
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Payoff Date
New York City vs Philadelphia: Full Mortgage Comparison
Buying a home in Philadelphia is $2,908/month cheaper based on average home prices and local costs.
| New York City, NY | Philadelphia, PA | |
|---|---|---|
| Avg. Home Price | $750,000 | $275,000 |
| Down Payment (20%) | $150,000 | $55,000 |
| Loan Amount | $600,000 | $220,000 |
| Property Tax Rate | 1.23% | 1.4% |
| Annual Property Tax | $9,225 | $3,850 |
| Annual Insurance | $2,200 | $1,500 |
| Monthly P&I | $3,792 | $1,391 |
| Monthly PITI | $4,744 | $1,836 |
| Total Interest (30yr) | $765,267 | $280,598 |
What Drives the Difference?
Home prices are the biggest factor — New York City’s average home costs $475,000 more than Philadelphia’s.
Property taxes also favor New York City — Philadelphia’s 1.4% rate is higher than New York City’s 1.23%.
Insurance is $700/year more in New York City.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| New York City | Philadelphia | |
|---|---|---|
| Monthly PITI | $4,744 | $1,836 |
| Income needed | $203,335 | $78,702 |
Try Your Own Numbers
The calculator above is pre-filled with New York City’s averages. Adjust the values to match your situation, or try the Philadelphia calculator for Philadelphia-specific numbers.