Make the ownership type your first decision
Start by identifying whether the purchase is a house, condominium or cooperative, then obtain the costs and financing terms for that specific ownership structure. The opening mortgage example is a $900,000 purchase with $180,000 down, 6.5% interest and 30 years. Its $10,800 annual tax and $1,800 insurance allowances are manual figures, not borough averages. It has no association charge entered. Add the actual recurring charges before comparing properties; the opening example does not represent a co-op maintenance budget.
Put this into my plan ↗Read five boroughs through the right sales window
NYC Finance publishes rolling sales files covering the preceding twelve months, split by borough. The landing page checked for this guide labels October 2025 through September 2026 and includes tax classes 1, 2 and 4. Read the property-sales glossary before using a record. This is neither a citywide listing-price series nor a valuation for a particular apartment. No median is derived here, and the mortgage example is not populated from these files. NYC rolling sales and glossary ↗
Put this into my plan ↗Use the tax notice and the tax bill for different jobs
NYC’s Notice of Property Value describes the assessment and an estimated upcoming tax amount; it is not a bill. The city explains that tax class matters and that class 2 co-ops and condos are valued using rental-income comparisons. Do not multiply an apartment’s purchase price by one assumed city tax rate. Obtain the relevant bill and buyer-specific estimate, checking the tax year and benefits, before entering the annual expense in your plan. NYC assessment and notice guidance ↗
Put this into my plan ↗Check a co-op or condo abatement before counting savings
The city’s co-op and condo abatement has development and individual-unit requirements. The board or its authorized agent applies for the development; an individual owner does not simply switch a discount on in a calculator. Ask the managing agent what is currently approved for the unit, which ownership and primary-residence conditions apply, and when a buyer’s benefit would appear. Keep a separate budget without an unconfirmed benefit so the purchase does not depend on a hoped-for saving. Official abatement requirements ↗
Put this into my plan ↗Read the building before choosing the apartment
The New York Attorney General’s physical-condition guide recommends reading the entire offering plan and consulting an attorney before signing. Request the current building documents and an appropriate professional review of material physical and financial issues. An attractive lobby, rooftop image or advertised amenity is not a substitute for the written obligations and actual condition. Carry confirmed assessment or repair costs into your cash plan, while leaving unresolved building questions clearly marked for review. Attorney General co-op and condo guide ↗
Put this into my plan ↗Keep co-op maintenance and condo charges explicit
Ask for a written breakdown of what each monthly building charge pays for, then check which costs you would pay separately. If a charge already includes a tax or insurance component, entering that same component again overstates the budget. Conversely, omitting a separate bill understates it. The condo workspace models entered dues and assessments; it does not interpret a proprietary lease, analyze a cooperative’s underlying loan or determine board acceptance. Keep those documents with the professional reviewing the transaction.
Put this into my plan ↗Research the building’s record in the city systems
NYC Buildings directs users to both BIS and DOB NOW. These systems provide building history, filings, permits, complaints and violations, with record status that matters. Review the actual building and planned use rather than treating a listing’s description as proof that an alteration is authorized. A search result is a starting point for questions, not a certificate of safety or a complete legal opinion. Budget a proposed renovation separately until scope and permissions are confirmed. NYC building-data starting point ↗
Put this into my plan ↗Investigate HomeFirst with the actual household and home
HPD describes HomeFirst for qualifying first-time purchasers of eligible one-to-four-family homes, condos and co-ops in the five boroughs. The program has education, income, purchase-price, buyer-contribution and occupancy requirements. Its current page contains differently dated tables and documents, so confirm the applicable version through an approved counseling agency. No assistance is automatically added to this calculator, and a program description does not reserve funding or establish that your loan or property qualifies. HPD HomeFirst program ↗
Put this into my plan ↗Put New York recording charges in the closing estimate
New York State’s mortgage-recording-tax guidance distinguishes state and applicable local taxes on recording real-property mortgages. Ask the closing attorney or title professional for an itemized estimate for the actual transaction and financing structure. Do not assume a co-op, condo, purchase and refinance share one tax treatment. Enter the confirmed closing charges as cash items rather than recurring annual property tax, and check how any lender credit changes the amount you must bring. State mortgage-recording-tax reference ↗
Put this into my plan ↗Keep flood coverage beside the ordinary premium
The city’s flood-maps site provides a starting point for understanding flood risk and notes that homeowners insurance does not include flood coverage. For the property, ask about the applicable current map, lender requirements and a separate coverage quote. Historical map discussions on a government page are not a current parcel determination. Keep the policy’s deductible and uncovered-loss cash exposure visible as well as its premium; the mortgage calculator does not perform a hazard assessment. NYC flood-risk and insurance resources ↗
Put this into my plan ↗Compare flexibility over the years you may actually stay
Request comparable written loan estimates, then examine points, lender credits, recurring charges and the balance at your expected sale or refinance date. Use rent-versus-buy to explore a shorter stay and a flat-price case with your own transaction-cost assumptions. A smaller payment alone does not establish the cheaper route, especially when upfront charges and a building assessment consume liquidity. These scenarios support a decision; they do not forecast a borough’s prices or promise a future refinance. CFPB Loan Estimate guide ↗
Put this into my plan ↗Take the next step through MITEY
Keep your plan private while you explore. When you want help, tell MITEY about the borough, ownership type, timing and financing question through the optional enquiry. Choose separately whether to include the calculator scenario. Any later introduction depends on confirmed provider availability and your permission. Keep personal identification, account statements and sensitive building records out of the free-text message. An enquiry does not apply for credit or guarantee a rate.
Put this into my plan ↗