Keyword focus: condo mortgage calculator
Condo Mortgage Calculator
Account for monthly dues, special assessments, and condo underwriting rules.
Calculate a condo purchase
Add HOA dues and insurance to see how condo ownership compares to single-family homes.
Condo financing hinges on HOA health, reserve studies, and project approvals. Use this guide to factor dues and potential assessments into your affordability plan.
What to review
- Include HOA dues and master policy premiums in monthly housing costs.
- Check FHA, VA, or conventional project approval requirements.
- Plan for special assessments by modeling higher monthly dues.
Quick tips
- Review condo docs
- Inspect budgets and reserve studies before you commit. Update HOA dues in the calculator if reserves look thin.
- Budget for master insurance
- Condo policies cover walls-in coverage only. Add HO-6 premiums separately so payments stay accurate.
- Watch investor ratios
- High investor occupancy can limit loan options. Confirm ratios with the HOA early.
Common questions
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Can I use FHA financing?
Yes, but the condo project must be FHA approved. Check the roster or request single-unit approval when available.
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How do special assessments impact payments?
Assessments can add temporary dues. Enter a higher HOA amount to stress-test your budget before approving projects.
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Do lenders require extra reserves?
Some do, especially for second homes or investors. Add reserve targets to your cash-to-close estimate.