Behind the Calculations: Homebuyer Calculator

Calculations are based on estimates of common homeownership costs, but do not factor in the details associated with a specific property or the financial circumstances of an interested homebuyer. To develop this calculator, the Center relied on both the expertise of industry professionals and publically available data.

Repair and maintenance

• Based on the costs of common repairs in U.S. Census Data from the 2013 American Housing Survey for the New York area.

Interest Rate

• Estimate from bankrate.com for the New York metro area for borrowers with excellent or good credit. This does not incorporate an individual’s financial circumstances such as credit history, outstanding debt, income, or savings.

Closing Costs, Mortgage Insurance, Homeowners Insurance, Property Taxes, and HOA fees

• These estimates were made through a combination of inputs from industry professionals, publicly available information, and internal research.