How our calculators work

Cash to buy and closing costs

How it works

Cash needed at closing is the down payment plus every closing cost the buyer pays. Each cost is a line with who usually pays it: taxes set by law, lender and title charges, legal fees, building fees and prepaids. The seller's lines are shown for context but don't count towards your cash. The monthly payment is principal and interest on a fully amortising 30-year loan.

Purchase CEMA. If you enter a seller's mortgage to be assigned (Manhattan condos and houses only), the mortgage recording tax is charged only on the new money above it, at the rate for the whole loan. Co-op share loans pay no mortgage recording tax, so a CEMA changes nothing there.

The single-tax pages (mansion tax, mortgage recording tax, transfer taxes, Peconic Bay tax) read their figure from the same function, so they always match this page. The Peconic Bay page also covers each of the five East End towns' own exemptions.

Defaults and where they come from

Price, down payment

$1,500,000, 20% Starting pointThe single-tax pages start from $1,500,000 and a $1,200,000 loan.

Mortgage rate

6.35% Our estimateAn illustrative 30-year jumbo rate for October 2026, shared by every tool so the figures agree from page to page. Not a quote. Freddie Mac's national 30-year average was 7.40% in the week of 15 Oct 2026.Freddie Mac: Primary Mortgage Market Survey · checked 21 Oct 2026

Mansion tax

1% from $1,000,000, rising in Manhattan to 3.9% from $25,000,000 Official sourceOn the full price, paid by the buyer.NY Tax Department: real estate transfer tax (mansion tax, state transfer tax) · checked 14 Oct 2026

Mortgage recording tax

Manhattan 1.8% under $500,000, 1.925% from $500,000; Suffolk 0.8% Official sourceThe borrower's share, after the lender's part. Not on co-op loans. On a one- or two-family house the first $10,000 is free of the 0.3% additional tax.NY Tax Department: mortgage recording tax rates (TSB-M-05(4)R) · checked 14 Oct 2026NY Tax Law §253: the $10,000 rule on one- and two-family homes · checked 21 Oct 2026

Transfer taxes

NYC 1% up to $500,000, 1.425% above; New York State 0.4%, or 0.65% in the city from $3,000,000 Official sourcePaid by the seller in a resale. In a new development we put them on the buyer, as sponsors customarily pass them on; that part is practice, not law.NYC Department of Finance: real property transfer tax · checked 14 Oct 2026NY Tax Department: the seller pays the state transfer tax · checked 21 Oct 2026

Peconic Bay tax (the Hamptons)

2.5% above $400,000; no exemption above $2,000,000 Official sourceThe East Hampton, Southampton and Shelter Island rules. Riverhead and Southold exempt $200,000 and Riverhead has no 0.5% housing fund tax; the Peconic Bay page has each town.NY Tax Law §1449-ee: Peconic Bay exemptions · checked 21 Oct 2026NY Assembly: the 0.5% Community Housing Fund tax · checked 21 Oct 2026NY Tax Law §1449-dd: the buyer pays the Peconic Bay tax · checked 21 Oct 2026

Lender fees and points

0.25% of the loan plus $1,450 Our estimateOrigination, underwriting and appraisal. Your Loan Estimate has the real figure.

Bank attorney

$1,500 Manhattan, $1,250 the Hamptons Our estimate

Title insurance

Owner's 0.42% of the price; lender's 0.16% of the loan Our estimateNot on a co-op, where a lien search stands in.

Recording and filing

$750 Our estimate

Buyer's attorney

$5,500 Manhattan, $5,000 the Hamptons Our estimateA flat fee; ask yours for it in writing.

Building fees

Co-op: lien search $450, recognition agreement $250, board application $1,500. Condo: move-in $1,000; new development working capital 2 months of common charges Our estimateCommon charges, if you don't know them, from the shared estimates.

Prepaids

3 months of property tax in escrow (none for a co-op); first-year homeowner's insurance Our estimateTax and insurance from the shared estimates.

Seller's side, for context

Commission 5%, co-op flip tax 2% Our estimateCommissions are negotiable and not set by law; each co-op sets its own flip tax, or none.

Purchase CEMA

Tax on the new money only Official sourceBoth lenders' and attorneys' CEMA fees apply. We don't estimate them.NY Tax Law §255: supplemental mortgages · as cited on /closing-costs, 22 Oct 2026NY Tax Department advisory opinion TSB-A-01(4)R · as cited on /closing-costs, 22 Oct 2026

Left out on purpose

• Adjustments at closing: the share of this year's property tax, common charges or maintenance the seller has already paid.
• Private mortgage insurance below 20% down, and points beyond the flat lender estimate.
• First-time buyer exemptions from the Peconic Bay tax.
• The fees for a CEMA, title endorsements and any building's own charges beyond the ones listed.

Open cash to buy

How much can I afford?

How it works

We search for the highest price, to the nearest $1,000, at which every test passes, and say which test sets it. Housing costs are principal and interest, the building's monthly costs and property tax, and homeowner's insurance. The cash test uses the same closing costs as cash to buy, so the mansion tax is in. For a co-op, two board tests are added.

A second answer appears only when putting spare cash into the down payment raises the price by at least $25,000 or 2%, whichever is less, with the loan still inside the income tests.

Defaults and where they come from

Mortgage rate, 30-year term

6.35% Our estimateAn illustrative 30-year jumbo rate for October 2026, shared by every tool so the figures agree from page to page. Not a quote. Freddie Mac's national 30-year average was 7.40% in the week of 15 Oct 2026.Freddie Mac: Primary Mortgage Market Survey · checked 21 Oct 2026

Down payment

20% Starting pointBelow 20% a conventional loan usually adds private mortgage insurance, which isn't modelled. Co-ops start at 20%.CFPB: what is private mortgage insurance? · reviewed 28 Aug 2023, checked 21 Oct 2026Habitat: banks are demanding bigger down payments (NCB's 20% co-op minimum) · 16 Nov 2020, checked 21 Oct 2026

Housing ratio

28% Commonly citedThe 28/36 rule of thumb.Chase: the 28/36 rule · edited 25 Sep 2026, checked 21 Oct 2026

Total-debt ratio

36% Commonly citedThe 28/36 rule; also Fannie Mae's cap for manually underwritten loans.Chase: the 28/36 rule · edited 25 Sep 2026, checked 21 Oct 2026Fannie Mae Selling Guide B3-6-02, debt-to-income ratios · section dated 2 Apr 2025, checked 21 Oct 2026

Co-op board: debt-to-income

25% Commonly citedAll debts, the new loan and maintenance, over gross income. Every board sets its own.Brick Underground: what debt-to-income ratio do you need to buy a co-op? · 20 Mar 2023, checked 21 Oct 2026

Co-op board: months in the bank

24 months Commonly citedMortgage and maintenance left after closing.Brick Underground: how much cash do I need to buy a NYC apartment? · 15 Sep 2015, checked 21 Oct 2026Brick Underground: cash but a low salary, will a co-op board reject me? · 25 Apr 2016, checked 21 Oct 2026

Building costs, tax and insurance if left blank

the shared estimates Our estimateCo-op maintenance already includes the building's property tax.

Empty form

$400,000 income, $1,000 a month of debts, $500,000 cash Example input

Left out on purpose

• Your credit score, job history and the lender's own reserve rules: a lender's approval is the real answer.
• Private mortgage insurance, and income tax on your pay (the ratios use gross income, as lenders do).
• A co-op's own finances and any flip tax the buyer is asked to pay.

Open affordability

Co-op board worksheet

How it works

The three numbers a Manhattan co-op board reads from a financial statement, for one apartment. Liquidity after closing is cash and investments (and retirement savings, only if you tick the box) less the cash needed at closing, counted in months of mortgage and maintenance. Debt-to-income is the new loan, maintenance and your other debts over gross monthly income. Net worth after closing is net worth before less the closing costs (the apartment joins your assets and the loan your debts). Closing costs are those of a Manhattan co-op from cash to buy.

Defaults and where they come from

Down payment

25% Starting pointNot below 20%.Habitat: banks are demanding bigger down payments (NCB's 20% co-op minimum) · 16 Nov 2020, checked 21 Oct 2026

Mortgage rate

6.35% Our estimateAn illustrative 30-year jumbo rate for October 2026, shared by every tool so the figures agree from page to page. Not a quote. Freddie Mac's national 30-year average was 7.40% in the week of 15 Oct 2026.Freddie Mac: Primary Mortgage Market Survey · checked 21 Oct 2026

Board debt-to-income

25% typical; under 20% at the strictest; up to about 33% in easier buildings Commonly citedBrick Underground: what debt-to-income ratio do you need to buy a co-op? · 20 Mar 2023, checked 21 Oct 2026

Board months in the bank

24 months most often; 12 to 24 usual; up to 36 Commonly citedBrick Underground: how much cash do I need to buy a NYC apartment? · 15 Sep 2015, checked 21 Oct 2026Brick Underground: cash but a low salary, will a co-op board reject me? · 25 Apr 2016, checked 21 Oct 2026

Retirement savings

Not counted as liquid unless you tick the box Starting pointBoards differ on this.

Empty form

$1,400,000 apartment, $3,200 a month maintenance, $450,000 income, $450,000 cash, $600,000 investments Example input

Left out on purpose

• Credit, references, job history and the rest of the board package.
• Any building's own written requirements, which override the commonly cited ranges.

Open the co-op board worksheet

Compare mortgages: total loan cost

How it works

Each loan is ranked by what it would cost over the years you expect to keep it: the interest you pay in that time, plus points and fees, plus, for relationship pricing that asks you to move money to the bank, what that money would have earned elsewhere. Repaying principal isn't a cost, so it isn't counted. An interest-only loan pays interest only for its interest-only years, then amortises over the rest of the term. Loans that need a bigger down payment than yours are listed below the ones you qualify for.

Defaults and where they come from

Price, down payment, years kept

$2,000,000, 25%, 7 years Starting point

The loans

5 example profiles Example inputIllustrative profiles of loans available in New York in October 2026, not quotes from named lenders. Each is labelled as an example.

VA funding fee

First VA loan: 2.15% under 5% down, 1.5% from 5%, 1.25% from 10%; after first use: 3.3% under 5% down, 1.5% from 5%, 1.25% from 10% Official sourceA share of the loan, added to the VA loan's fees, by your down payment and whether you've used a VA loan before. None if you tell us you're exempt (for example, you receive VA disability compensation).VA.gov: VA funding fee and loan closing costs · updated 5 Oct 2026, checked 22 Oct 2026

Left out on purpose

• Rate changes on adjustable loans: the starting rate is held for the whole period.
• Taxes on the loan (they're on cash to buy), mortgage insurance, prepayment and refinancing.
• Any tax deduction for interest.

Open compare mortgages

Compare your Loan Estimates

How it works

The same total-cost measure as compare mortgages, on the figures from your own Loan Estimates. Upfront charges are sections A, B and C, less any lender credits in section J (section A already includes the points). Interest is counted over the years you'll keep the loan, or the whole term if that's shorter. For paying more upfront for a lower rate, we find the first month in which the dearer-upfront offer has cost less in total.

Defaults and where they come from

Years you'll keep the loan

7 years Starting point

Empty form

3 sample offers on a $1,200,000 loan Example inputNot real lenders or quotes.

Left out on purpose

• Sections E to H (taxes and government fees, prepaids, escrow and other): they don't change the cost of the loan itself.
• The APR is shown but not used: it assumes you keep the loan for its full term.
• Rate changes on an adjustable rate after the fixed period.

Open the Loan Estimate comparer

Check your Closing Disclosure

How it works

Each charge goes in its federal tolerance group. "Can't increase" (A. Origination Charges; B. Services You Cannot Shop For; Transfer Taxes): each charge's increase counts in full. "Can increase by up to 10% in total" (services from the lender's list, and recording fees): only the amount by which the group's total rises above that limit. "No limit": shown, never counted. The two excesses together are what the lender should refund within 60 days of closing, unless a valid change of circumstances and a revised Loan Estimate reset the figures.

Defaults and where they come from

Tolerance groups and refund

12 CFR 1026.19(e)(3) and (f)(2)(v) Official source12 CFR 1026.19(e)(3) and (f)(2)(v): good faith and refunds · checked 21 Oct 2026CFPB: can my final mortgage costs increase from the Loan Estimate? · reviewed 11 Sep 2024, checked 21 Oct 2026

Empty form

A sample lender's figures, $47,795 on the Loan Estimate Example input

Left out on purpose

• Whether a valid change of circumstances applied: only your lender's file shows that.
• Which group an unusual charge belongs in: extra lines go where you put them.
• The loan terms and APR, which the form explains but this check doesn't test.

Open the Closing Disclosure check

Rent or buy?

How it works

Year by year over the years you'd stay. Buying: the down payment and buying costs (cash to buy's lines, without prepaids, since the yearly costs count them), a 30-year mortgage, property tax, common charges or maintenance, insurance and upkeep. At the end of each year we work out what you'd have if you sold: the value less the seller's costs (transfer taxes, a co-op's flip tax, the commission) and the loan balance. Renting: rent that grows each year, and renter's insurance if you add it.

Both paths set aside the same money. The renter invests what the buyer paid on day one, and in each year whoever pays less for housing invests the difference. The crossover is the first year buying leaves you at least as well off.

Tax layers, if you turn them on. Federal: each year's saving is your bracket times how much more an owner can deduct than a renter, each taking the larger of the standard deduction and itemising; on a sale, gain above the home sale exclusion and both paths' investment gains are taxed at the capital gains rate. New York State and City (a second switch): the same year's tax worked out on the state and city schedules with and without the housing figures.

Defaults and where they come from

Rent, price, down payment

$6,500, $1,450,000, 20% Starting point

Mortgage rate

6.35% Our estimateAn illustrative 30-year jumbo rate for October 2026, shared by every tool so the figures agree from page to page. Not a quote. Freddie Mac's national 30-year average was 7.40% in the week of 15 Oct 2026.Freddie Mac: Primary Mortgage Market Survey · checked 21 Oct 2026

Value, rent and cost growth

3%, 3% and 3% a year Starting pointThe same rate for all three so the start doesn't tilt the answer. Rent-stabilised leases from 1 October 2026 to 30 September 2027: 0% for one and two years.NYC Rent Guidelines Board: 2026-27 guidelines · checked 21 Oct 2026

Years you'd stay, investment return

10 years, 4.5% a year Starting point

Seller's commission at the end

5% Our estimate

Running costs if left blank

Property tax, charges or maintenance, insurance and upkeep from the shared estimates Our estimate

Federal tax (optional)

24% bracket, 15% gains rate Starting pointOptional federal income tax (off unless you turn it on): 2026 brackets and standard deduction ($16,100 single, $32,200 joint), mortgage interest on up to $750,000 of debt, the $40,400 SALT cap, and the $250,000 ($500,000 joint) home sale exclusion from year 2.IRS: 2026 tax year adjustments · checked 21 Oct 2026IRS Publication 505 (2026): standard deduction and the SALT cap · checked 21 Oct 2026IRS Publication 936: home mortgage interest · checked 21 Oct 2026IRS Publication 523: selling your home · checked 21 Oct 2026IRS Publication 530: basis and co-op deductions · checked 21 Oct 2026IRS Topic 409: capital gains rates · checked 21 Oct 2026

New York tax (optional)

$200,000 New York income Example input2026 state and city schedules and standard deductions ($8,000 single); mortgage interest on up to $1,000,000 of debt; city tax only if you'd live in Manhattan.NY Tax Department: Form IT-2105-I (2026) · checked 21 Oct 2026NY Tax Department: Form IT-196-I, itemised deductions · checked 21 Oct 2026

Left out on purpose

• Income tax, unless you turn it on; with it on, the net investment income tax, the alternative minimum tax and New York's tax benefit recapture are still left out.
• Mortgage insurance below 20% down, and refinancing.
• Moving costs, a renter's deposit and any broker's fee.
• Inflation: every figure is in future dollars.

Open rent or buy

Property analysis and annual return (IRR)

How it works

One property over the years you'd hold it. Each year: rent for the months it's let, less property tax, charges and insurance (growing with costs), less management and upkeep as a share of the rent, gives net operating income; less the mortgage payments gives cash flow. At the end we sell at the grown value less selling costs and repay the loan. The annual return is the internal rate of return of what you put in on day one (down payment and buying costs) against each year's cash flow and the sale.

After tax: rental profit less interest and depreciation (the building's share of the price over 27.5 years) is taxed at a combined rate, and the gain on the sale at another. A loss saves no tax. The "living in it" lens adds a year's interest, running costs, upkeep and what the down payment would earn elsewhere, against renting the same home. Compare properties runs the same model on four sample properties.

Defaults and where they come from

Mortgage rate

6.35% Our estimateAn illustrative 30-year jumbo rate for October 2026, shared by every tool so the figures agree from page to page. Not a quote. Freddie Mac's national 30-year average was 7.40% in the week of 15 Oct 2026.Freddie Mac: Primary Mortgage Market Survey · checked 21 Oct 2026

Down payment, term, years held

25%, 30 years, 10 years Starting point

Rent and cost growth

3% and 3% a year Starting point

Empty months

1 a year Our estimate

Selling costs at the end

6.5% of the sale price Our estimateBroker, transfer taxes and fees together.

Tax rates

45% on rental profit; 33% on the gain Our estimateOne combined federal, state and city rate each, not your own brackets.

What the cash would earn elsewhere

4.5% a year Starting pointUsed in the living-in-it lens.

Your own numbers: costs you leave out

Property tax, insurance, management and repairs from the shared estimates; value growth 3.4% a year in Manhattan, 4.2% in the Hamptons Our estimateEach one is listed under “What we assumed” on your report.

Left out on purpose

• Major repairs and improvements, and refinancing.
• Passive loss limits and the separate recapture rate: depreciation is taxed at the same gains rate.
• Building rules on renting out, and rent regulation.
• The sample properties are composites, not listings.

Open property analysis

Net effective rent

How it works

Net effective rent spreads the free months over the whole lease, the way landlords advertise it. We convert either way, then add what you'll really pay: monthly fees, utilities, and one-off fees spread over the lease. The security deposit is one month of the gross rent, the legal cap in New York State. On renewal at the same gross rent with no free months, the monthly payment rises from the net to the gross figure.

Defaults and where they come from

Empty form

$4,000 net effective, 12-month lease, 1 month free Example input

Security deposit

One month's gross rent Official sourceThe legal maximum; we assume the landlord asks for all of it.NY General Obligations Law §7-108(1-a): one month's deposit · checked 21 Oct 2026

Free months

Rounded to the half month, up to 6 Starting point

Income needed

40× the gross monthly rent Commonly citedSee the rent qualifier below.

Left out on purpose

• Next year's renewal increase.
• Fees you don't enter, and the value of having money sooner.

Open net effective rent

What rent can I qualify for?

How it works

Many New York landlords ask for yearly income of 40 times the monthly rent, and a guarantor earning 80 times. We add up to three applicants' incomes before tax, divide by 40, and round down. If you enter a rent, we say whether you'd likely need a guarantor and whether yours clears 80×. Cash on signing is the first month plus a one-month security deposit.

Defaults and where they come from

Income multiple

40× (guarantor 80×) Commonly citedLandlord practice, not law; the same multiples as the rental tracker.

Empty form

Two incomes, $85,000 and $70,000, and a $4,200 rent Example input

Security deposit

One month's rent Official sourceThe legal maximum; we assume the landlord asks for all of it.NY General Obligations Law §7-108(1-a): one month's deposit · checked 21 Oct 2026

Left out on purpose

• Credit checks, savings in place of income, and guarantor companies' own terms.
• Landlords who use a different multiple. Under the FARE Act a broker the landlord hired can't charge you, so no broker's fee is added.
• Income after tax.

Open the rent qualifier

Renew or move?

How it works

Your renewal offer against up to two other apartments over the same period. Each lease's rent is its net effective rent for the lease's months; if the period runs past a lease, its gross rent carries on with no more free months. A move adds the moving costs you enter and any broker's fee you agreed to pay. The new security deposit is cash tied up, not a cost, since it should come back. The break-even is the first month in which moving has cost less in total, looked for over five years.

Defaults and where they come from

Comparison period, renewal lease

12 months, 12 months Starting point

Empty form

$4,000 now, renewal offered at $4,300, two apartments, $2,100 of moving costs Example input

Rules shown beside it

Notice of increases, Good Cause Eviction, the stabilised-lease order, the FARE Act Official sourceNY Real Property Law §226-c: notice of a rent increase or non-renewal · revision of 22 Aug 2025, checked 22 Oct 2026NYC HPD: Good Cause Eviction · checked 22 Oct 2026NYC Rent Guidelines Board: Order #58, leases from 1 October 2026 · checked 21 Oct 2026NYC DCWP: FARE Act · checked 21 Oct 2026

Left out on purpose

• Utilities and monthly fees: add them if they differ between apartments.
• Increases at the next renewal after these leases.
• The value of your time and the hassle of moving.

Open renew or move

Seller net proceeds

How it works

What you walk away with: the sale price less the seller's closing costs and the mortgage payoff. The seller's lines are the same ones cash to buy uses (NYC and New York State transfer taxes, a co-op's flip tax, the commission), plus your attorney and any other costs you enter. If the costs and payoff exceed the price, we show what you'd need to bring to closing.

Defaults and where they come from

Commission

5% Our estimateNegotiable; not set by law.

Co-op flip tax

2% Our estimateEach co-op sets its own, or none.

Your attorney

$5,500 Manhattan, $5,000 the Hamptons Our estimate

Who pays the transfer taxes

The seller; the Peconic Bay tax is the buyer's Official sourceNY Tax Department: the seller pays the state transfer tax · checked 21 Oct 2026NYC Department of Finance: real property transfer tax · checked 14 Oct 2026NY Tax Law §1449-dd: the buyer pays the Peconic Bay tax · checked 21 Oct 2026

Left out on purpose

• Capital gains tax on your profit. IRS Topic 701 and Publication 523 explain the home sale exclusion.
• Interest owed up to the payoff date, prepayment penalties and the closing adjustments.

Open seller net proceeds

Sell now or rent it out?

How it works

Selling today: the net proceeds from the seller net proceeds tool, invested at your chosen return. Keeping it: rent for the months it's let, less management and upkeep, property tax, charges, insurance and the mortgage, each year; sold at the end of the period through the same net proceeds sum. Both paths put the same money aside: in a year the rental costs you money, the seller invests that amount instead; in a year it pays you, the landlord invests the surplus.

Landlord tax, if you turn it on. Rent less every expense and straight-line depreciation over 27.5 years on the building only. Losses use the $25,000 special allowance, cut by 50% of income above $100,000, and the rest is carried forward and released on the sale. On the sale, depreciation is recaptured at up to 25%, and the home sale exclusion applies only if you sell within 3 years of moving out. New York State and City tax can be added on the same amounts.

Defaults and where they come from

Value, mortgage, years left

$1,500,000, $600,000, 25 years Starting point

Mortgage rate

6.35% Our estimateAn illustrative 30-year jumbo rate for October 2026, shared by every tool so the figures agree from page to page. Not a quote. Freddie Mac's national 30-year average was 7.40% in the week of 15 Oct 2026.Freddie Mac: Primary Mortgage Market Survey · checked 21 Oct 2026

Rent, years rented out, empty months

$6,500 a month, 10 years, 1 a year Starting point

Growth and return

Value 3%, rent 3%, costs 3%, investments 4.5% a year Starting point

Selling costs

Commission 5%, flip tax 2% Our estimate

Running costs if left blank

Management, repairs, property tax, charges and insurance from the shared estimates Our estimate

Landlord tax (optional)

24% bracket, 15% gains rate, land 25% of the value Starting pointHome sale exclusion $250,000 ($500,000 joint). New York income $200,000 if you add state tax.IRS Publication 527: residential rental property · checked 21 Oct 2026IRS Publication 925: passive activity losses · checked 21 Oct 2026IRS Topic 409: capital gains rates · checked 21 Oct 2026IRS Publication 523: selling your home · checked 21 Oct 2026NY Tax Department: Form IT-2105-I (2026) · checked 21 Oct 2026

Left out on purpose

• The net investment income tax and the alternative minimum tax.
• Your building's rules on renting out.
• Seasonal rent patterns: enter a Hamptons summer rent as the year's rent divided by twelve.
• Inflation: every figure is in future dollars.

Open sell or rent