How long until you can actually buy?
In NYC the down payment is only part of the cash you need. Closing costs, mansion tax at $1M+, mortgage recording tax on condos, and a co-op board's post-closing reserves all have to be in the bank too. This adds it all up with the same engine as the co-op and condo calculators, then projects when your savings get there.
Assumptions (defaults from our sources page)
Income and price growth default to 0%, so the timeline doesn't count on raises or a flat market. These assumptions apply to the type you picked; the co-op vs. condo comparison uses each type's standard defaults for the other.
Everything is calculated in your browser. Nothing you enter is sent anywhere.
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- Cash needed today
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- Gap today
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- Income needed
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- In your accounts after closing
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- Your savings
- Cash needed: co-op
- Cash needed: condo
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Show as a table
| Date | Your savings | Co-op cash needed | Condo cash needed |
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Cash needed comes from the same engine as the co-op and condo calculators and the price pages: down payment, fixed and variable closing costs, the mansion tax at $1M and up, mortgage recording tax on condo loans, and for co-ops, the board's post-closing liquidity (12 months of mortgage + maintenance by default). Your emergency fund is added on top.
Why co-ops take longer. The reserve requirement is cash that has to still be in your account after closing, on top of the down payment. At a $600,000 price that's tens of thousands of dollars, which is why the co-op line on the chart sits above the condo line even though condos add mortgage recording tax. See how much reserve a board requires.
The projection compounds your savings monthly at the yield you enter, with contributions at the end of each month. "You can buy" is the first month when savings cover the cash needed and your income clears the DTI limit at that month's price. Raises (if you add them) land once a year. Home price growth raises the cash target as you save.
What it can't see: market timing, rate changes, a specific building's fees or reserve rules, or whether a lender counts your investments in full. Want to buy sooner? How Do I Afford More? ranks the levers. Not sure buying beats renting at all? Try rent vs. buy. See the methodology for what's sourced and what's assumed.