What does it take to buy a $450,000 apartment?
Required income, down payment, and estimated closing cash for a $450,000 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 $450,000, 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.
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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 | $450,000 | $450,000 |
| Down payment | $90,000 | $90,000 |
| Est. monthly P&I + carrying | $3,583/mo | $4,708/mo |
| Est. closing costs | $10,300 | $20,615 |
| Est. reserves (co-op only) | $42,996 | — |
| Total est. cash needed | $143,296 | $110,615 |
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