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Updated over 8 years ago on . Most recent reply

User Stats

55
Posts
33
Votes
Adam Sharp
  • Investor
  • Seattle, WA
33
Votes |
55
Posts

1st Condo Buy - Running the Numbers

Adam Sharp
  • Investor
  • Seattle, WA
Posted

Hi BP Community!

I am moving to Seattle in September and hoping to buy my first condo.  I am doing some budgeting and wanted to get your feedback to find out if I am planning correctly.  I am planning to put 5% down on a $250-300k condo downtown Seattle and am trying to get a handle on 1) closing costs and 2) ongoing monthly expenses.  From my research I put together the below analysis.  Can anyone tell me if I am on the right track, if my assumptions should be revised, or if there are any big "gotcha's" that I am missing?

Thanks in advance for your feedback!!!

Adam

Purchase Price - $250,000
Down Payment 5% $12,500
Closing Costs 3% $7,500
Total Upfront Costs - $20,000
 
 
Loan Value - $237,500
Interest Rate - 4.50%
Term (yrs) - 30
Mortgage Payment - $1,203
 
Insurance 0.50% $104
Taxes 1.00% $208
PMI 1.00% $208
HOA 0.10% $250
 
Total Monthly Expense - $1,974 

Most Popular Reply

User Stats

120
Posts
112
Votes
Matt J.
  • Investor
  • Tacoma, WA
112
Votes |
120
Posts
Matt J.
  • Investor
  • Tacoma, WA
Replied

Hello Adam,

I'm sure you're already planning on doing it but make sure you really review the strength of the homeowners association. You should be provided a resale certificate for your review/approval.

Be on the lookout for any lawsuits, big ticket items coming up that may require a special assessment and amount of reserves the association has.

Good luck!

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