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What does this apartment actually cost to own each month?
Most buyers focus on purchase price and mortgage payment. In Manhattan, the real monthly cost often depends just as much on maintenance, common charges, real estate taxes, assessments, renovation needs, and the opportunity cost of the cash used for the down payment. This calculator estimates the true monthly carrying cost of owning a Manhattan co-op, condo, or townhouse — and shows you three numbers, not one: cash out of pocket, true economic cost, and net cost after expected appreciation.
The “true economic cost” figure includes things most calculators ignore — the return your down payment could have earned elsewhere, amortized closing costs over your expected hold period, and the resale friction (broker commission + transfer taxes) you’ll pay at exit. A $2M co-op that looks like “$12K/month cash” often costs $17–18K/month once those are honest.
Apartment basics
Property type
Co-op maintenance typically includes the building-allocated real estate taxes — keep the tax field at $0 unless you have separate property tax exposure.
Purchase price
$
Down payment %
%
Down payment: $750,000 · Loan amount: $1,750,000
Mortgage interest rate (%)
%
30-yr fixed P&I ≈ $11,643/mo
Loan term (years)
Monthly carrying costs
Monthly maintenance
$
Current monthly assessment (if any)
$
$0 if no current assessment. Substantial assessments often signal building capital projects.
Insurance (HO-6 or homeowner)
$
Utilities not included in maintenance
$
Typical: electric + Wi-Fi. Many Manhattan co-ops include heat + hot water + gas in maintenance.
Parking / storage (optional)
$
One-time cash costs
Closing costs
$
Typical Manhattan buyer-side range: 2–5% of purchase price (mansion tax, mortgage recording tax, title insurance, attorney, building fees).
Planned renovation budget
$
$0 if move-in ready. Cash for renovation is part of the economic burden (opportunity cost runs on it too).
Economic assumptions
Opportunity cost rate (%)
%
What your tied-up cash could have earned elsewhere. Typical 4–6% — short-term Treasuries (~4–5%) or a conservative market portfolio (~6–8% long-run).
Expected hold period (years)
Manhattan median hold: 7 years. Shorter holds make closing costs and resale friction loom larger per month.
Expected annual appreciation (%)
%
Long-run Manhattan: 2–4%. Aggressive number flatters the economics; conservative number stress-tests them.
Maintenance annual growth (%)
%
NYC residential expense inflation: ~3% long-run. Buildings with insurance, labor, or fuel cost pressure run higher.
5-year cash cost projection
Mortgage P&I stays flat; maintenance grows at 4.0%/yr, taxes at 3.0%/yr.
| Year | Maintenance | Monthly cash | Cumulative cost |
|---|---|---|---|
| Year 1 | $3,500/mo | $15,643/mo | $187,714 |
| Year 2 | $3,640/mo | $15,783/mo | $377,107 |
| Year 3 | $3,786/mo | $15,928/mo | $568,248 |
| Year 4 | $3,937/mo | $16,080/mo | $761,206 |
| Year 5 | $4,095/mo | $16,237/mo | $956,053 |
Stress-test scenarios
What happens to monthly cost under specific stressors. The base case shown above is your inputs as-stated; these are what-if’s every serious buyer should mentally model.
Sustained maintenance increases
Δ cash: +$1,262/moTrue econ: $21,838/mo
If maintenance grows at 8% annually (vs. your 4% baseline) — common when buildings absorb deferred capital projects or insurance premium spikes.
Surprise capital assessment
Δ cash: +$521/moTrue econ: $21,097/mo
Local Law 11 façade work or mechanical replacement is common in pre-war buildings. A $12,500 assessment spread over 24 months adds about $521/mo for two years.
Flat resale value
True econ: $20,576/mo
If the apartment's value stays flat over your 7-year hold (the appreciation assumption set to 0%) — possible in a long-flat or down-trending Manhattan cycle. The net economic cost rises by the foregone appreciation.
If your cash earns less elsewhere (3%)
True econ: $19,545/mo
If you'd otherwise park the down payment + closing + renovation cash in short-term Treasuries (~3%) rather than at your 4.5% baseline. The true economic cost falls when alternative returns are lower.