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Updated over 8 years ago on . Most recent reply
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1st Condo Buy - Running the Numbers
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
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!