Next year I am also going into a MA program in a humanities discipline, unfunded. There are a variety of reasons why I am doing this, the biggest one being that I need it in order to have a better chance at Ph.D. funding in the same discipline at a great program. So yeah, right off the bat, I chime in with everyone else in that you have to know exactly what you want and be completely confident in that decision. I received offers from three fine programs. In the end, I picked the one that had the lowest cost of living. On top of that, I'll be working at least 24 hours a week to help defray costs.
Manhattan's cost of living is ridiculous. NYU is not cheap. You're going to be paying double in tuition than me and three times the cost of living expenses at the very minimum. I encourage you to work for a year and then do an MA if you can afford it, or work on improving your Ph.D. application. Or find a cheaper MA option.