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Mortgage & Rent vs Buy Calculators

Two tools to help you plan a New York purchase: a mortgage calculator that shows the true monthly cost of a co-op, condo or house and the cash you will need at closing, and a Rent vs Buy comparison. Each comes with step-by-step instructions. Everything is calculated in your browser; nothing you enter is stored or sent.

Mortgage and monthly cost calculator

The home

The contract price you expect to pay.

Co-ops pay no mortgage recording tax and usually require 20–25% down and board approval.

Co-op maintenance (usually includes the building’s property taxes) or condo common charges. For a house, enter 0.

Condos and houses pay their own taxes; for co-ops enter 0 (included in maintenance).

Typical NYC apartment (HO-6) policies run $30–$100 a month.

The loan

Many co-ops require 20–25% or more; condos often allow 10–20%.

In sponsor sales the buyer usually pays the NYC and NYS transfer taxes, normally paid by the seller.

Attorney, title insurance (condos/houses), bank fees, lien search, move-in fees. 1–2% is a common estimate.

Your finances (optional, for the co-op board check)

Before taxes. Used only in your browser.

Car, student loans, minimum credit card payments.

Cash and investments you will still hold after paying the down payment and closing costs (retirement accounts are often counted at a discount).

Estimated total monthly cost

$5,432 / month

Principal and interest
$5,382
Maintenance / common charges
$0
Real estate taxes
$0
Insurance
$50
Loan amount
$800,000

Cash needed at closing (estimate)

Down payment
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NYS mansion tax
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Mortgage recording tax
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Transfer taxes (new development)
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Other closing costs
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Total cash to close
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Co-op board check

Enter your income and post-closing liquid assets to see how a typical board would view the purchase.

How to use the mortgage calculator
  1. Enter the purchase price and choose the property type. Co-op, condo and house purchases are taxed and financed differently in New York.
  2. Add the monthly maintenance (co-op) or common charges and real estate taxes (condo). You will find them on the listing; for houses enter taxes only.
  3. Set your down payment and pick an interest rate. The buttons fill in today’s published averages from our Market page; your own quote may differ.
  4. Read the total monthly cost: what you would actually pay each month, not just the mortgage.
  5. Check the cash needed at closing. It includes New York’s mansion tax (purchases of $1 million or more) and, for condos and houses, the mortgage recording tax.
  6. Buying a co-op? Add your income and the assets you will have left after closing to see the two ratios boards look at most: debt-to-income and post-closing liquidity.

How it calculates: principal and interest use the standard fixed-rate amortization formula. Mansion tax uses New York State’s progressive rates for New York City (1% from $1M up to 3.9% from $25M). Mortgage recording tax uses 1.8% of the loan under $500,000 and 1.925% at $500,000 or more (borrower share; co-ops exempt). Transfer taxes for new development: NYC 1% (≤$500,000) or 1.425%, plus NYS 0.4% (0.65% from $3M). Rates and rules change; confirm with your attorney and lender.

Rent vs Buy

Renting

The rent for a comparable home.

NYC asking rents rose about 3–6% a year recently (see Market page).

Buying

A comparable home to buy. The default is 18 years of the rent above, a common NYC price-to-rent ratio.

Default: today’s national 30-year average.

Monthly building charges and real estate taxes combined.

Closing costs and taxes at purchase; above $1M include the mansion tax (about 1–1.5%).

Broker commission plus NYC and NYS transfer taxes when you sell, often 7–9% in total.

Assumptions

The single most important input: buying usually needs several years to recover its upfront costs.

Long-run NYC averages are roughly 2–4%, with wide swings.

What the down payment and any monthly savings would earn if you rented and invested them instead.

After your chosen period

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Your net worth if you buy
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Your net worth if you rent and invest
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Monthly cost to own (first year)
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Monthly rent (first year)
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Show year-by-year table
How to use Rent vs Buy, and what it leaves out
  1. Enter the rent for a home you would rent, and the price of a comparable home you would buy.
  2. Fill in the buying costs: down payment, rate, monthly building charges and taxes.
  3. Choose how long you expect to stay. This matters most: buying and selling costs are high in New York, so short stays usually favour renting.
  4. Compare the two net worth figures. The chart shows which option is ahead in each year and where they cross (the break-even year).

How it works: we compare two people with the same money. The buyer pays the down payment and buying costs, then the mortgage and carrying costs, and at the end sells (paying selling costs) and keeps the equity. The renter invests the money the buyer spent upfront, and each month invests whatever renting saves compared with owning (or draws on savings when renting costs more). What it leaves out: income-tax effects (mortgage interest and property tax deductions, co-op tax pass-through), renovations and repairs, rent stabilization, FARE Act fee changes, co-op flip taxes, PMI, refinancing and the non-financial value of owning or flexibility of renting. Use it to frame the decision, then talk it through with us and your financial adviser.

These calculators provide estimates for general information only. They are not a loan offer, a commitment to lend, or financial, tax or legal advice. Rates shown are published averages; your actual rate, taxes, fees and building requirements will vary. Please confirm figures with your lender, attorney and tax adviser. Want to talk it through? Speak with an advisor or see today’s rates on our Market page.

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