1st Condo Buy - Running the Numbers

[Adam Sharp]

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

[Matt J.]

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!