Property Q&A in New York>Question Details

Ronbarhaz, Home Buyer in New York, NY

What does Est. payments include?

Asked by Ronbarhaz, New York, NY Sun Apr 17, 2011

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Hi Ron,

Estimated payments normally represent the quantified sum of mainenance and taxes per month. In co-operatives, it;s normally listed as "Maintenance", which displays one total payment. In condominiums, it is separated as "common charges" and "monthly taxes". Condominiums are normally the better route since they appreciate much better, are a lot new in quality, maintain a much higher re-sale demand and offer tax abatements in new developments that allow you to pay nothing for 8-15 years and saves you hundreds per month. If you could clarify for me your e-mail address, general pric epoint and areas of interest, I will gladly send you detailed listings for the best possible deals that are out there right now in your exact criteria.
1 vote Thank Flag Link Sun Apr 17, 2011
Ron, your answers are below but let's flesh them out a bit more. Yes estimated payments are a combination of your monthly carry charges. These charges include your mortgage payment plus interest, Taxes and Insurance. Since this is a Coop, taxes will be included as part of your monthly maintenance charge. The Coop board will require you to carry Coop insurance.

Your mortgage payments are based on the amount you're financing after your downpayment (which is probably at least 20% down if not more). Coop insurance is not expensive and you can contact any insurer to get a feel for pricing.

BTW, this is a real estate 101 type of question. Had you taken the time to do any research, you could have easily found your own answer. You could also work with a R.E. professional as you certainly need the guidance. Good luck out there.
0 votes Thank Flag Link Mon Apr 18, 2011
est. payment include

*principal and interest
* insurance
* tax

0 votes Thank Flag Link Sun Apr 17, 2011
If interested in purchasing this property work with an agent, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously; with that said, don't rely on online estimated payments, rather ask your agent questions and rely on your loan officer to give you good faith estimates as they relate to you and the specific property.
0 votes Thank Flag Link Sun Apr 17, 2011
Since mortgage rates fluctuates, you cannot get an exact mortgage payment. One day it may be 4,75%, the next 4,5%.
The estimated payments include the mortgage payment and the maintenance of the unit.
0 votes Thank Flag Link Sun Apr 17, 2011
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