TOOLS
NYC Condo
True Cost Calculator
Your broker showed you the listing price. This calculator shows you what you'll actually pay over five years. Every cost. Nothing hidden.
Your Purchase Details
Closing Costs
Monthly Cost (Year 1)
Year-by-Year Breakdown
| Year | Mortgage | Common Chg. | Prop. Tax | Insurance | Assessment | Total |
|---|---|---|---|---|---|---|
| 5-Year | — | — | — | — | — | — |
What This Calculator Doesn't Show
Numbers only tell part of the story. This calculator cannot account for:
Quality of Management
A well-managed building with competitive vendor bidding can save owners tens of thousands in unnecessary expenses. A poorly managed building will bleed money through contractor markups, deferred maintenance, and administrative failures. Check the managing agent.
Pending Litigation
Active lawsuits against the building can result in settlements or judgments paid through special assessments — costs no calculator can predict. Search NYSCEF for the building name.
Violation History
Open DOB and HPD violations indicate deferred maintenance — problems that will become assessments. A building with 50 open violations is a building that hasn't been spending money it needs to spend. Look up the building.
Reserve Fund Health
A building with a healthy reserve (25%+ of annual budget) can absorb capital expenses without assessing owners. A building with an empty reserve will assess you for everything. Request audited financials.
421-a Tax Abatement Expiration
If the building has a tax abatement that expires during your ownership, your property tax could double or triple. Read the offering plan.
Board Governance
A dysfunctional board can turn a good building into a money pit. Board conflicts lead to legal fees, delayed maintenance, and poor financial decisions — all of which cost you money.
Related Guides
Frequently Asked Questions
Are these numbers accurate for my specific building?
This calculator uses standard NYC rates for taxes and fees. Your actual costs will vary based on building-specific common charges, property tax assessments, abatement status, and assessment history. Use this as a starting framework, then adjust with real numbers from the building's financial statements.
Why is the 5-year cost so much higher than the listing price?
Because the listing price only represents the purchase price of the unit. It does not include closing costs (3-5% of purchase price), five years of mortgage interest, five years of rising common charges, property taxes, insurance, or special assessments. These ongoing costs add 40-50% to the purchase price over five years.
Should the special assessment estimate scare me away from buying?
Not necessarily. Special assessments are a normal part of building ownership — buildings need maintenance. The question is whether the building has adequate reserves to minimize them, and whether you've budgeted for the possibility. A building with a healthy reserve fund and good management may never assess you. A building with empty reserves will.
Does this calculator work for co-ops too?
Partially. Co-ops don't pay mortgage recording tax (you're buying shares, not real property), which reduces closing costs significantly. However, co-op maintenance fees are typically higher than condo common charges because they include the building's underlying mortgage and property taxes. Co-ops also charge flip taxes on resale (1-3% of sale price).