Monthly payment breakdown
Total carrying cost / month
—
P&I + maintenance
Minimum income to qualify
Minimum income — 28% front-end DTI
—
Board might approve — expect scrutiny.
Comfortable income — 20% front-end DTI
—
Where boards stop asking questions.
Back-end DTI — total monthly debt including other obligations
At minimum income
—
board target ≤ 36%
At comfortable income
—
board target ≤ 36%
Income needed for 36% back-end
—
incl. other debts
Down payment
Loan-to-Value
—
Most coops require ≥ 20% down
💰 TOTAL LIQUID SAVINGS REQUIRED — NOT RETIREMENT ACCOUNTS
These figures represent the total cash a buyer must show the board. This includes both the down payment and all remaining post-closing reserves. Funds must be in liquid accounts — checking, savings, brokerage. 401(k), IRA, pension, and other retirement accounts do not count. The board will verify via bank statements.
Minimum total liquid savings to qualify
18-month liquidity
—
Bare minimum — many boards will ask for escrow.
24-month liquidity
—
Passing — right on the line, stringent boards may ask for escrow.
36-month liquidity
—
High odds of approval.
How it's calculated
+ Post-close reserves (18 mo.)
—
= Total liquid savings (18 mo.)
—
Total liquid savings (24 mo.)
—
⚠ ESTIMATED CLOSING COSTS ONLY
These figures are approximations for planning purposes. Actual costs will vary based on your lender, attorney, building, and deal specifics. Verify every number with your attorney and lender before making any financial decisions.
Cash to close — breakdown
Down payment—
Attorney fee (buyer's counsel)$2,500
Bank attorney fee (lender's counsel)$1,500
Board application fee$1,000
Appraisal$750
Recognition agreement fee$300
UCC filing fee$200
Move-in deposit / fee$1,000
Credit report / misc lender fees$500
Homeowners insurance (1st year est.)$1,200
Prepaid interest (1 month est.)—
Mansion tax—
Mortgage recording tax$0 — N/A for coops
Total estimated cash to close—