Cost Calculator 2

Homeownership Made Easy

The following is a marketing illustration of potential and likely purchase costs for each Unit Type.  It is not a Truth in Lending disclosure. The Calculator provides a preliminary estimate based a various assumptions including some amounts that can be adjusted by potential buyers.   To use the Calculator, select a Unit Type from the menu in the first box, then enter any additional amounts of earnest money or cash from sources such as HPAP, EAHP or gifts, etc.  The Calculator will show an estimated monthly loan payment (paid to a Share Loan Lender) and operating assessment (paid to Co-op) for each Unit Type.  The suggested Income to Qualify amounts are not firm eligibility standards.

 

NEW Parkchester

January 1, 2023

Unit Types

Share Price

Effective

Feb. 1 2020 *

Minimum Earnest Deposit

(Settlement
Costs)

CO-OP LOAN

Deferred Payment

20%

LENDER

SHARE LOAN Est. Amount

80%

Monthly

Operating Assessment

Effective

Jan 1 2023*

Monthly Share Loan

Est. Payment

Interest Rate
7.5%

Est. Monthly Housing Cost

Operating
Assessment + Est.
Share Loan Payment

Est. Income to Qualify @30%

1 Bedroom $129900 -$1300 -$25980 $100920 $210 $727 $937 $37480
1 BR Deluxe $159900 -$1600 -$31980 $127920 $300 $894 $1194 $47760
2 Bedroom $169900 -$1700 -$33980 $135920 $300 $950 $1250 $50000
2 BR Deluxe $209900 -$2100 -$41980 $167920 $360 1,74 $1534 $61360
2BR, 2Bath Jumbo Sold Out Sold Out -$46980 Sold Out $425 Sold Out Sold Out $64511
3 Bedroom, 2 Bath Sold Out Sold Out -$39980 Sold Out $425 Sold Out Sold Out $74812
3 BR Deluxe, 2 Bath $279900 -$2800 -$55980 $223920 $455 $1594 $2049 $81960
3 BR, 2 Bath Jumbo $289900 -$2900 -$57980 $231920 $485 $1622 $2135 $85400
3 BR, 2 Ba Jumbo Premium $294900 -$2950 -$58980 $235920 $485 $1650 $2135 $85400
4 Bedroom, 2 Bath $269900 -$2700 -$53980 $215920 $485 $1510 $1995 $79800
    -$500 for HPAP     Paid to CO-OP Paid to LENDER COMBINED  

Notes:

  1. Prices Adjusted 5% for Buyers with incomes above DHCD Limits.
  2. Specific Units subject to $5,000 premium for extra size or view
    Prices Effective Feb 1, 2020,
  3. These estimates assume 20% down payment deferred loan from Cooperative (due at sale, cash back refinancing or sublease without
    approval).
  4. Operating Assessments include real estate taxes, water, sewer, trash, common area maintenance, insurance, management, replacement
    reserve, CPA reviews and tax returns, etc.
  5. Housing Cost includes monthly Operating Assessment to Co-op plus Estimated Share Loan payment to lender
  6. Share loan from lender may include some closing costs and have different interest rate, loan terms or income requirements
  7. If Buyers use Eisen and Rome for settlement and provide seller with appraisal before settlement, the seller/Co-op will pay legal, settlement
    fee, transfer fee and contribute $900 credit at settlement towards application and appraisal costs.