What does it take to buy a $1,000,000 apartment?
Required income, down payment, and estimated closing cash for a $1,000,000 co-op or condo in NYC — calculated using this site's own affordability engine.
The income figures above are calculated, not looked up — they're the minimum income to clear the DTI limit at $1,000,000, using the same default mortgage rate and down payment as the live calculators below, assuming no other monthly debts. Clearing DTI is necessary but not sufficient: you'd separately need the cash shown in the table below (down payment, closing costs, and for co-ops, reserves) actually on hand — a lender or board checks both. Open the Co-op or Condo Calculator and enter your real income and accounts to see whether you clear both bars.
Total liquid cash you'd want
Down payment, closing costs, mansion tax (if applicable), and — for co-ops — post-closing board reserves.
| Co-op | Condo | |
|---|---|---|
| Purchase price | $1,000,000 | $1,000,000 |
| Down payment | $200,000 | $200,000 |
| Est. monthly P&I + carrying | $6,126/mo | $7,277/mo |
| Est. closing costs (excl. mansion tax below) | $11,250 | $32,450 |
| Mansion tax | $10,000 | $10,000 |
| Est. reserves (co-op only) | $73,509 | — |
| Total est. cash needed | $294,759 | $242,450 |
See a different price
Have a different target price? Open the Co-op or Condo Calculator and use the "Afford Target" tab to enter any price.