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Mortgage vs. your current rent

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Property
$
%
Down Payment
$300,000
%
5%50%
Monthly Costs
$
~1.2% / yr in NYC
$
Closing Costs
%
$
$
inspection, filing, admin
$
NYC mortgage recording tax — auto-calculated
1.925% of loan$23,100
Rent Comparison
$
Monthly Breakdown
Principal & interest$7,428
Property tax$1,250
HOA$1,500
Total monthly$10,178
Upfront Costs
Down payment (20%)$300,000
Closing costs
•NYC mortgage recording tax$23,100
•Title insurance 0.45%$6,750
•Attorney fees$4,000
•Bank / lender fees$2,500
•Misc. fees$1,000
Taxes
•NYC mansion tax (1%)$1M+$15,000
Total to close$352,350
Buying
$10,178
vs
Renting
$8,200
+$1,978 / mo
more expensive than renting
That's $23,732 extra per year.

Estimates only. Consult a mortgage broker for actual rates and closing costs.

Buying / mo
$10,178
+$1,978/mo