(917) 207-7590

Home · Buy · Mortgage calculator

For buyers

Monthlypayment

Price, down payment, rate, taxes, insurance, and common charges. One number for the month, then the pieces inside it. For condos and co-ops in New York, Miami, and Tampa.

Estimated monthly

$0.00per month

Enter a price to calculate.

Start from a sample

Not a quote. A place to begin.

These are round illustrations so the form isn't empty. Swap in the price, tax bill, insurance, and dues from the building you're actually considering.

Purchase

The contract price, what you put down, and a closing-cost allowance for cash to close. Closing costs are not added to the loan.

Type any price. The slider runs from $100,000 to $25 million.

Percent and dollars stay in step. Under 20% down, the estimate adds mortgage insurance until you turn it off.

Percent of the price, for cash to close only. Title, lender fees, and transfer taxes vary. Set this to 0 if you only want the down payment.

Loan

Fixed rate, fully amortizing. The payment is principal and interest only until the carrying costs below are added.

Annual rate. This is not an APR, and it is not a rate I can lock.

Annual percent of the original loan, divided into the monthly payment. It drops off in the month the balance reaches 80% of the purchase price. A real policy depends on credit, the building, and the lender. At 20% down or more, this stays at zero even if the box is checked.

Carrying costs

What the building and the city add every month. Enter dollars from a bill or an offering plan when you have them.

New York tax is not a flat percent of the sale price. If you type a percent, it scales when the price changes. If you type a dollar bill, that dollar amount stays put.

Add hazard, HO-6, wind, and flood into one yearly number if you already have those quotes.

Condo common charges, co-op maintenance, or HOA dues. One monthly figure.

Parking, special assessments you pay monthly, or anything else that isn't in the lines above.

Rental program

Optional. For a condo-hotel or any unit you might rent. Leave it off and the payment is just the mortgage and carrying costs.

Monthly breakdown

Estimated monthly$0.00

Year by year

Open a year for the months. The payment column includes principal, interest, mortgage insurance if any, tax, insurance, and dues. The last month is adjusted so the balance reaches zero.

How the numbers are calculated

Principal and interest use the standard fixed-rate formula: loan amount, monthly rate (annual rate divided by 12), and number of months. At a zero rate the loan is divided evenly by the number of months.

Property tax and homeowners insurance are the annual amounts divided by 12. HOA, common charges, maintenance, and other costs are the monthly amounts you enter. Nothing here inflates those figures over time.

Mortgage insurance is included only when the box is on and the loan starts above 80% of the price. The monthly amount is the annual PMI percent of the original loan, divided by 12. It stops the month the remaining balance reaches 80% of the original purchase price.

Cash to close is the down payment plus buyer closing costs (your percent of the price) plus a furniture package if you entered one. Those costs are not rolled into the loan.

The rental illustration uses a 365-night year. Nights available are 365 minus nights you use. Occupied nights are nights available times the occupancy rate. Gross revenue is occupied nights times the nightly rate. Management and the reserve come off that gross. Cash flow then subtracts tax, insurance, dues, and twelve level mortgage payments. Cap rate is net operating income divided by price, before the mortgage. Cash on cash is annual cash flow divided by cash to close.

This is an illustration, not a loan estimate, commitment, appraisal, or tax advice. Lender pricing, building financials, and association dues have to be checked against the actual file.

Sarah Cotty is a licensed associate real estate broker at SERHANT. (NY 10301223351, FL SL3609283). She does not make mortgage loans. For a payment you can rely on, talk to a lender, then call or text (917) 207-7590.

Talk it through

Want this run against a real building? Send it over.

Share the unit, the common charges, and the tax bill. I'll tell you what the monthly number is leaving out.

Contact Sarah Call (917) 207-7590

Questions

Mortgage calculator,
answered

Is this a rate quote?

No. It is an illustration. The interest rate is not an APR, and it is not a rate that can be locked.

What is in the monthly number?

Principal and interest, property tax, homeowners insurance, and HOA or common charges. Closing costs are cash to close. They are not added to the loan.

Which homes is it for?

Condos and co-ops in New York, Miami, and Tampa. Sample rows are round illustrations so the form is not empty. Swap in the price, tax bill, insurance, and dues from the building you are considering.