Mortgage Affordability Calculator

Annual Income

Annual Home Insurance Premium

Monthly Property Taxes

Monthly Common Charges or Maintenance

Monthly Other Fixed Liabilities Other recurring monthly payments that show up on your credit report such as minimum required payments for student loans, credit card debt and auto loans.

Down Payment (%)

Maximum Debt to Income Ratio (%) Some co-op buildings will have more stringent Debt to Income Ratio requirements than banks.

Interest Rate (%)

Loan Term (Years)

Maximum Purchase Price
Down Payment
Maximum Loan Size
Monthly Mortgage Payment (P&I)
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Thinking of buying? Estimate your buyer closing costs using Hauseit’s Interactive Closing Cost Calculator for Buyers in NYC.

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The NYC Mortgage Recording Tax is 1.8% for loans below $500k and 1.925% for loans above $500k. It does not apply to co-ops.
The Mortgage Recording Tax in NYC
The NYC Mortgage Recording Tax (MRT) is 1.8% for loans below $500k and 1.925% for loans of $500k or more. The MRT is the largest buyer closing cost in NYC. How much Mortgage Recording Tax you pay is based on [...]
What's the difference between mortgage pre-qualification and mortgage pre-approval? When should I start the process? Sample preapproval letters and more.
Getting Mortgage Pre-Approval in NYC
What's the difference between mortgage pre-qualification and mortgage pre-approval in NYC? When and how can I get a pre-approved for a mortgage? We'll explain everything you need to know about getting mortgage pre-approval in New York City and even show [...]
What are the most important questions to ask when buying a co-op in NYC? Questions include co-op financial requirements, sublet policy and the flip tax.
Questions to Ask When Buying a Co-op in NYC
What are the most important questions to ask when buying a co-op apartment in NYC? Is there a checklist of common questions you should ask before submitting an offer on a coop? In this article, we discuss the most important [...]
The 2023 NYC Mansion Tax is a buyer closing cost of 1% to 3.9% of the purchase price, applicable to purchases of $1 million or more in NYC.
How Much is the NYC Mansion Tax in 2024?
The NYC Mansion Tax is a buyer closing cost which ranges from 1% to 3.9% of the purchase price, applicable on residential purchases of $1 million or more in New York City. The Mansion Tax is part of the real [...]
Buyer closing costs in NYC are 1.5% to 6%. Buyer closing costs are higher for condos than co-ops. New developments have the highest closing costs.
How Much Are Buyer Closing Costs in NYC?
Buyer closing costs in NYC are between 1.5% to 6% of the purchase price. Buyer closing costs are higher for condos vs. co-ops, and closing costs are the highest for new developments (also known as sponsor units). The largest buyer [...]
An offer escalation clause in NYC automatically increases a buyer's offer when a competing bid is received, up to a maximum amount.
What Is an Offer Escalation Clause in NYC?
An escalation clause is a somewhat uncommon home buyer offer strategy in NYC in which a buyer automatically increases her or his offer amount when a competing bid is received, up to a preset maximum offer. A buyer may consider [...]
Dress business casual. Be on time. Don't mention renovation plans. Don't ask questions. Review these tips on how to ace a co-op board interview in NYC.
How to Ace a Co-op Board Interview in NYC
Ace a co-op board interview in NYC by showing up on time, being presentable, being succinct in your answers and not asking any questions. Be especially careful not to mention any renovation plans during your co-op board interview, as it [...]
A first time condo buyer in NYC faces many challenges. Square footage isn’t measured uniformly, nor are property taxes. You can get the buyer agent commission.
Tips for a First Time Condo Buyer in NYC
Buying a condo in NYC may seem easy, but a first time condo buyer in NYC faces many challenges and pitfalls that can be extremely costly down the road. For example, did you know that both property tax figures and [...]
Knowing how to make a winning lowball offer will maximize your chances of scoring a low sale price on a NYC apartment. Learn how to make a successful lowball offer.
How to Make a Winning Lowball Offer on a NYC Apartment
Making a winning lowball offer on a NYC apartment is a dream come true for any buyer. While it’s possible to submit a successful low ball offer in both a buyer’s or a seller’s market, it’s obviously much easier when [...]

Glossary

Annual Income

Annual income is typically defined as your pre-tax, ‘Adjusted Gross Income’ from the Form 1040 of your US Federal Income Tax Return. Your AGI will be reduced by any adjustments made on ‘Schedule 1: Additional Income and Adjustments to Income.’ Such adjustments include (but are not limited to) contributions to a SEP IRA, a HSA (Health Savings Account) deduction and the student loan interest deduction. Oddly enough, this means that contributing more to certain retirement plans may reduce your AGI and ultimately reduce the maximum loan size you can qualify for.

Monthly Property Taxes

Monthly property taxes are customarily listed on condo and single or multifamily property listings online. The input to this field is $0 for a co-op since co-op corporations pay property taxes directly to the municipality on behalf of all unit owners. Co-op owners make one single, monthly ‘co-op maintenance payment’ which essentially includes common charges and property taxes.

Monthly Other Fixed Liabilities

Monthly other fixed liabilities consists of other recurring monthly payments that show up on your credit report such as minimum required payments for student loans, credit card debt and auto loans.

Debt-to-Income Ratio

Your debt-to-income ratio is the percentage of your monthly gross income which goes towards housing expenses and other fixed liabilities. Housing expenses for a condo consist of your mortgage payment as well as property taxes and common charges. Housing expenses for a co-op consist of your mortgage payment as well as the monthly co-op maintenance payment. Other fixed monthly liabilities includes recurring payments for student loans, credit card debt and auto loans.

Monthly Common Charges or Maintenance

Both condos and co-ops have an operating budget which is paid for collectively by all the owners through a monthly fee charged to each unit owner. This maintenance fee will usually be split proportionally and fairly among the condo owners and coop shareholders, typically dependent on the amount of square footage their apartment has and other factors such as floor and outdoor space.

Condo common charges are different from co-op maintenance charges in that property taxes are not included. Because condominium owners are holders of real property, they are taxed individually by the NYC Department of Finance. As a result, they receive a property tax bill by mail and pay directly or via their mortgage lender. Co-ops make property tax payments on behalf of the entire building, and this means individual co-op owners do not pay property taxes directly.

Disclaimer: Hauseit’s Mortgage Affordability Calculator provides estimates that are meant to be illustrative and used for reference purposes only.
Disclosure: Hauseit and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. The services marketed on Hauseit.com are provided by licensed real estate brokers and other third party professional service providers. Hauseit LLC is not a licensed real estate broker nor a member of any multiple listing service (MLS).
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