Last week, StreetEasy sent out a promotional email with the title, "$500K in the 5 Boroughs.'
It's catchy, so naturally I clicked it. I browsed the various listings and noticed something I overlooked even though I'm on streeteasy every. single. day....The estimated monthly payment doesn't include taxes and insurance!
If you're a mortgage professional, you know the 43% rule. If you aren't, the 43% rule is pretty simple: Banks do not want you to spend more than 43% of your monthly income on your housing expenses. That means if you make $1,000/month, your total monthly payment, comprised of Principal, Interest, Taxes, and Insurance, cannot exceed $430.
Lucky for you, you live in New York, and New York is the most transparent real estate market in the world. You really won't believe how much information is freely available.
So how much should you expect to pay in taxes? Look it up here.
What about insurance?