Vincenzo, Other/Just Looking in

in your morgage calculator

Asked by Vincenzo, Mon Nov 26, 2012

i see 3.55% for morg. and 1.3% of taxes and insurance, is this the local tax? if not where i find how to calculate the local taxes? best vm

Help the community by answering this question:


Elena Ravich, Esq.’s answer
If you are buying a condo your mortgage insurance tax and title insurance will be as follows:

Title Insurance
(Paid by buyer, condominium/townhouse only)
Approx. 0.5% - 0.8% of purchase price

Mortgage Taxjavascript:{}
(Paid by buyer, condominium/townhouses only, if financing )
Sales under $500,000 - 1.8% of entire mortgage
Sales over $500,000 -1.925% of entire mortgage
0 votes Thank Flag Link Tue Jan 29, 2013
Are you looking at a co-op or condo? There is no mortgage tax on a co-op loan, and, in most cases, on a co-op your insurance is optional. The property taxes on the building when it comes to a co-op are included in your maintenance, you do not pay them on your own.
You may want to be a little more clear about what your question really is.
0 votes Thank Flag Link Tue Dec 4, 2012
Are you trying to calculate the closing costs? Mortgage tax varies depending on the county, in NYC it is 1.8%
0 votes Thank Flag Link Mon Nov 26, 2012
Hi Mark it means that in NY u pay 1.8% pa of the house value as local taxes? Best vincent
Flag Mon Nov 26, 2012
Hi Mark , it means that in NY the local taxes are 1.8% pa of the value of the house? Tx vincent
Flag Mon Nov 26, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer