$1,400.00 per month at todays rates will pay approximately $250,000 in financing. IE: $250,000 @ 4.5% for 30 year amortizing will be $1,266.71 per month + the monthly co-op / condo + Real Estate tax bill.
If the building requires 20% down 10% down, will make a big difference in price. Closing costs for buying a co-op are typically less than 3% of purchase price, closing costs for a condo are typically twice that price + if you need PMI (Private mortgage insurance) FHA loans or any mortgage with less than 20% down payment.
Remember when speaking to a mortgage Banker that some buildings require more down payment than others, some may have flip taxes.
It is best to work with a Buyers agent that works in the neighborhood that you want to buy in, so that they can help you get to all the real information and requirements of each property quickly. And have you looking in the price range that you can qualify for.
All the Best,
Kathryn Lilly, Broker
Realty on the Greene, LLC