Condo’s are a little different than single-family homes. They have monthly Homeowner’s Association dues. The amount of the HOA dues vary by the size of the building, and the amenities it offers. Buildings with Valet and front doorman tend to have HOAs starting around $1,000 and going up into the thousands, whereas buildings with a simple fitness room and a heated pool are in the $400 to $500 range. The absolute lowest that HOA dues can go is $300 per month.
In the monthly cost estimate, I assumed a 20% downpayment at a 4% interest rate on a 30 year fixed loan, and the monthly cost includes mortgage payment, taxes, insurance and utilities and HOA dues. If you are putting less than 20% down, then you will need Mortgage Insurance, which will be an additional monthly cost. The Annual Income was estimated as 35% of the monthly cost- the most lenders will lend is 45%, although if your debt to income ratio is this high you will pay a higher than the normal interest rate. These are estimates, actual costs will be different.