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.

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.