Mortgage Affordability Calculator

Annual Income

Annual Home Insurance Premium

Monthly Property Taxes

Monthly Other Fixed Liabilities Other recurring monthly payments that show up on your credit report such as minimum required payments for student loans, credit card debt and auto loans.

Down Payment (%)

Maximum Debt to Income Ratio (%) Some co-op buildings will have more stringent Debt to Income Ratio requirements than banks.

Interest Rate (%)

Loan Term (Years)

Maximum Purchase Price
Down Payment
Maximum Loan Size
Monthly Mortgage Payment (P&I)
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Glossary

Annual Income

Annual income is typically defined as your pre-tax, ‘Adjusted Gross Income’ from the Form 1040 of your US Federal Income Tax Return. Your AGI will be reduced by any adjustments made on ‘Schedule 1: Additional Income and Adjustments to Income.’ Such adjustments include (but are not limited to) contributions to a SEP IRA, a HSA (Health Savings Account) deduction and the student loan interest deduction. Oddly enough, this means that contributing more to certain retirement plans may reduce your AGI and ultimately reduce the maximum loan size you can qualify for.

Monthly Property Taxes

Monthly property taxes are customarily listed on condo and single or multifamily property listings online. The input to this field is $0 for a co-op since co-op corporations pay property taxes directly to the municipality on behalf of all unit owners. Co-op owners make one single, monthly ‘co-op maintenance payment’ which essentially includes common charges and property taxes.

Monthly Other Fixed Liabilities

Monthly other fixed liabilities consists of other recurring monthly payments that show up on your credit report such as minimum required payments for student loans, credit card debt and auto loans.

Debt-to-Income Ratio

Your debt-to-income ratio is the percentage of your monthly gross income which goes towards housing expenses and other fixed liabilities. Housing expenses for a condo consist of your mortgage payment as well as property taxes and common charges. Housing expenses for a co-op consist of your mortgage payment as well as the monthly co-op maintenance payment. Other fixed monthly liabilities includes recurring payments for student loans, credit card debt and auto loans.

Monthly Common Charges or Maintenance

Both condos and co-ops have an operating budget which is paid for collectively by all the owners through a monthly fee charged to each unit owner. This maintenance fee will usually be split proportionally and fairly among the condo owners and coop shareholders, typically dependent on the amount of square footage their apartment has and other factors such as floor and outdoor space.

Condo common charges are different from co-op maintenance charges in that property taxes are not included. Because condominium owners are holders of real property, they are taxed individually by the NYC Department of Finance. As a result, they receive a property tax bill by mail and pay directly or via their mortgage lender. Co-ops make property tax payments on behalf of the entire building, and this means individual co-op owners do not pay property taxes directly.

Disclaimer: Hauseit’s Mortgage Affordability Calculator provides estimates that are meant to be illustrative and used for reference purposes only.
Disclosure: Hauseit and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. The services marketed on Hauseit.com are provided by licensed real estate brokers and other third party professional service providers. Hauseit LLC is not a licensed real estate broker nor a member of any multiple listing service (MLS).
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