Co-op board financial worksheet

Before you send a board package, see the three figures a Manhattan co-op board reads from your financial statement for one apartment: what you'd have left in the bank after closing, your debt-to-income ratio and your net worth after closing.

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Nothing you enter is saved to an account or a database. The figures sit in this page's address, so anyone you send the link to sees them, and your browser history keeps them.

Example figures. A household earning $450,000 looking at a $1,400,000 co-op. Enter your own to see yours.

Left in the bank after closing68.6 months$668,125 of liquid assets, against $9,733 a month of mortgage and maintenance. Covers even the 3 years some boards ask for. Passes this board's 24 months.

Debt-to-income28.1%Mortgage, maintenance and other debts of $10,533 a month over your gross income. Above a typical board's 25%; only easier buildings go to about 33%. Doesn't pass this board's 25% limit.

Net worth after closing$1,418,125Everything you own, including the apartment at its price, less what you owe, including the loan. Down from $1,450,000 by the closing costs. Boards read it from your statement; there's no common threshold to show.

Cash at closing

Down payment (25%)$350,000
Closing costs for a co-op buyer$31,875
Cash needed at closing$381,875

Liquid assets

Cash and investments$1,050,000
Retirement accounts, not counted$0
Less cash needed at closing−$381,875
Left after closing$668,125

Each month

Mortgage, principal and interest ($1,050,000 over 30 years at 6.35%)$6,533
Maintenance$3,200
Your other debt payments$800
Total, a month$10,533

Sharing sends the figures in the link.

Where the ranges come from

Debt-to-income: commonly cited; every board sets its own. Brokers quoted by Brick Underground put a typical board at 25% (all monthly debts, the new loan and maintenance, over gross income), up to about 33% in easier buildings and under 20% in the strictest. Brick Underground: what debt-to-income ratio do you need to buy a co-op? · 20 Mar 2023, checked 21 Oct 2026
Post-closing liquidity: commonly cited; every board sets its own. Most often two years of mortgage and maintenance left in the bank, with 12 to 24 months the usual range and some boards asking for up to three years. Brick Underground: how much cash do I need to buy a NYC apartment? · 15 Sep 2015, checked 21 Oct 2026 Brick Underground: cash but a low salary, will a co-op board reject me? · 25 Apr 2016, checked 21 Oct 2026
Down payment from 20%. NCB, a large co-op lender, requires 20% on primary-residence share loans, and the co-op may require more. Habitat: banks are demanding bigger down payments (NCB's 20% co-op minimum) · 16 Nov 2020, checked 21 Oct 2026

A worksheet, not a board decision or financial advice. Boards also look at credit, job history, references and the rest of the package, and many treat retirement savings differently. Closing costs come from the same model as cash to buy (Manhattan co-op; no mortgage recording tax on share loans).