How much can i afford to buy a house in nyc?

Enter your details below to estimate your monthly mortgage payment including taxes, fees and insurance. Not sure how much you can pay? Try our home affordability calculator. Once you know how high you can pay a mortgage, you'll need to make sure you can pay the down payment. While the 20% discount used to be typical for most homes, you might find some New York condos that only require a 10% down payment.

On the other hand, cooperatives have notoriously strict requirements. It's common for down payment requirements to be in the 20-30% range for co-ops, but some buildings will require even larger amounts, up to 50%. There are also some select buildings that only accept cash buyers. Many cooperative boards will want to make sure that you can endure any unexpected financial hardship.

That means they expect you to have additional money on hand. A general rule of thumb is to show at least two years of housing expenses in cash. If you own other investments, such as stocks or bonds, you may also be able to use them. Buying a home or apartment is probably the most serious financial commitment you've ever made, and New York City's complicated housing market makes the task especially daunting.

And since interest rates are expected to rise this year, you may be looking to secure a deal by becoming a first-time homeowner and taking advantage of current mortgage rates before they go much higher. If you plan to buy a home in Brooklyn or Queens, you can use the higher DTI the lender uses. Determining what your monthly home payment will be is an important part of determining how much you can pay for a home.

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