Mortgage + HOA Calculator
How HOA Fees Change Your Budget: $600K Condo Example
Using a $600,000 condo with 20% down ($480K loan) at 6.875%, here's how different HOA levels change your total cost and required income:
| HOA / Month | P&I | Taxes + Ins. | Total Monthly | Income Needed |
|---|---|---|---|---|
| $0 (No HOA) | $3,166 | $1,350 | $4,516 | $193,500/yr |
| $600 | $3,166 | $1,350 | $5,116 | $219,300/yr |
| $1,200 | $3,166 | $1,350 | $5,716 | $245,000/yr |
| $1,800 | $3,166 | $1,350 | $6,316 | $270,700/yr |
| $2,400 | $3,166 | $1,350 | $6,916 | $296,400/yr |
| $3,000 | $3,166 | $1,350 | $7,516 | $322,100/yr |
HOA fees count toward your DTI: Lenders include HOA/maintenance fees in your front-end DTI calculation. A $1,200/month HOA on a $600K condo reduces your qualifying loan amount by roughly $175,000 compared to the same purchase with no HOA. Always get the HOA amount before calculating your affordability.
NYC Condo vs. Co-op: HOA and Maintenance Ranges
| Property Type | Typical Range | What's Included | Tax Treatment |
|---|---|---|---|
| NYC Condo (luxury) | $1.50–$3.00/sq ft/mo | Building amenities, staff, utilities, reserves | Taxes billed separately |
| NYC Condo (mid-range) | $0.80–$1.50/sq ft/mo | Basic maintenance, doorman, reserves | Taxes billed separately |
| NYC Co-op (Manhattan) | $1.20–$2.50/sq ft/mo | Taxes, building mortgage, utilities, staff | Taxes included in maintenance |
| NYC Co-op (outer borough) | $0.60–$1.20/sq ft/mo | Same as above, less amenities | Taxes included |
| Townhouse / condo (limited) | $200–$600/mo | Building exterior, limited common areas | Taxes billed separately |
Typical monthly costs for a 900 sq ft NYC apartment
- Luxury Manhattan condo: $1,800–$2,700/month HOA (taxes separate)
- Mid-range Brooklyn condo: $600–$1,200/month HOA (taxes separate)
- Manhattan co-op: $1,100–$2,000/month maintenance (taxes included)
- Queens co-op: $600–$1,000/month maintenance (taxes included)
Co-op Maintenance vs. Condo HOA: Key Differences
Co-op maintenance fees look higher than condo HOA fees, but they're not directly comparable:
- Co-op maintenance includes property taxes. The building's property tax is allocated among shareholders and built into monthly maintenance. When comparing co-op vs condo costs, subtract the co-op's tax portion (often 25–40% of maintenance) from the co-op maintenance fee for an apples-to-apples comparison.
- Co-op maintenance may include a building mortgage. Many co-ops have underlying mortgages on the building. A portion of your maintenance covers this. When the building mortgage is paid off, maintenance typically drops.
- Co-op maintenance can rise unpredictably if the building has deferred repairs or special assessments.
- Condo HOA fees are more transparent but don't include taxes. Budget separately for taxes (usually $500–$1,500+/month depending on abatement status).
Special assessments: Both condos and co-ops can levy special assessments for major repairs — roof replacement, elevator overhaul, facade work. These are one-time charges that can run $5,000–$50,000+ per unit. Before buying, review the building's financials to ensure the reserve fund is adequately funded (at least 10% of annual budget).
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