NYC Condo Affordability Calculator

Reverse-engineer your max purchase price from your financial profile
1 Account Balances
Account Balance ($) Liquidity % For DP (weighted) For Reserves

Defaults reflect a $300K fully-liquid profile — enough to plausibly close a $1M condo at 20% down with closing costs. Liquidity % is the portion of each account available for the down-payment pool. Retirement accounts (401k, IRA) do not count toward the down-payment pool — add them at 0% for net-worth reference only. When reserves are enabled, all accounts weighted by liquidity % count toward post-close liquidity.

Total for Down Pmt + CC
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Total for Reserves
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2 Income & Existing Debts
$
$
$
3 Mortgage Assumptions
%
yrs
%
4 Lender Requirements & Monthly Costs
%
Monthly Carrying Costs
$
$
$
Optional Post-Close Reserves
5 Closing Costs
Fixed Costs
$
$
$
$
$
—
Title Insurance (Rate-Based)
%
%
Auto-calculated taxes (shown in Results):
• Mortgage Recording Tax — 1.80% of loan < $500K; 1.925% of loan ≥ $500K (borrower-paid estimate). Source: NYC DOF / ACRIS. Verify with closing attorney.
• Mansion Tax — 1.00% at $1M+, stepping up to 3.90% above $25M; buyer-paid on full price. Source: NYS Tax Dept pub1099. Watch the $1M cliff.
Resale financed condo closing costs typically run 2.5%–5%+ of price, mainly due to MRT and title insurance.
Your Max Affordable Condo Price
$—
Binding constraint: —
Model a specific price:
$
Cash Waterfall
Down Payment —
Fixed Closing Costs —
Title Insurance —
Mortgage Recording Tax (est. — verify w/ attorney) —
Mansion Tax (buyer-paid ≥ $1M) —
Total at Close —
Avail for DP + CC (weighted) —
DP + CC Surplus / (Deficit) —
Monthly Costs
Mortgage (P+I) —
Common Charges —
Property Taxes —
HO-6 Insurance —
Total Monthly Housing —
Effective DTI —
Feasibility Check
✓ Cash —
✓ DTI —

Two (or three) constraints, one limit

This calculator finds the lower of two maximum prices:

  • Cash / Down Payment & Closing Costs: Assets count toward the down payment and closing costs according to their Liquidity %. If post-close reserves are enabled, the same weighted assets must also satisfy the reserve buffer.
  • DTI / Income: Your total monthly housing payment (mortgage P+I + common charges + property taxes + HO-6 insurance + other debts) must stay within the lender's back-end DTI limit on your gross monthly income. Standard conforming limit is 43%; conservative target is 36%.

Whichever constraint produces the lower max price is your binding limit.

PMI — automatic when down payment is under 20%

Private mortgage insurance (PMI) is required on conventional loans with less than 20% down. It protects the lender — not you — against default, and is added to your monthly payment. The calculator applies PMI automatically based on your down payment percentage using typical rates for a borrower with good credit (~720–740 FICO): roughly 0.52%/yr at 15–20% down, 0.70% at 10–15%, 0.95% at 5–10%, and 1.20% below 5%. Your actual rate varies by lender, credit score, and loan type. PMI is included in the DTI calculation and in reserve requirements. PMI drops off once your loan balance reaches 80% of the original purchase price — under the Homeowners Protection Act, lenders must cancel it automatically at 78% LTV. Reaching 20% equity sooner (via appreciation or extra payments) lets you request cancellation. Note: jumbo loans (typically above $1.2M in NYC's high-cost area) usually require 20%+ down and don't carry conventional PMI.

Mansion tax — watch the $1M cliff

New York's mansion tax applies to the full purchase price once you cross $1,000,000 — it is not a marginal bracket. A $999,999 purchase owes $0; a $1,000,001 purchase owes roughly $10,000 (1.00%). The tax steps up to 3.90% above $25M. This creates a real price cliff — worth negotiating around on deals near tier boundaries. Calculated automatically from the price you model.

Mortgage Recording Tax

Unlike co-ops (which are personal property), condos are real property and subject to NYC/NYS mortgage recording tax. The borrower-paid rate is approximately 1.80% on loans under $500,000 and 1.925% on loans of $500,000 or more. This is calculated on the loan amount, not the purchase price. Source: NYC DOF / ACRIS. Verify with your closing attorney — CEMA and lender-paid portions can change the amount.

Closing costs for a financed resale condo

Typical financed resale condo buyer closing costs run 2.5%–5%+ of purchase price, largely because of the mortgage recording tax and title insurance. New development (sponsor) condos can run 3%–7%+ because sellers often shift transfer taxes to the buyer. Transfer taxes are seller-paid on resale and excluded here by default.

What "Liquidity %" means

Accounts count toward the down payment and closing costs according to their Liquidity %. The same weighted values count toward post-close reserves when that option is enabled. Retirement accounts (401k, IRA) can be listed at 0% for net-worth reference.

This is an estimate — verify everything

Tax rates, title fees, lender overlays, and building policies vary. Always confirm numbers with a licensed mortgage broker and a real estate attorney before making purchase decisions.