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Condo Affordability Calculator

Find out how much condo you can afford based on income, debts, and total housing payment.

By True Condo Cost editorial team · Editorial standards

Lenders look at debt-to-income ratios, but you should also budget for HOA, insurance, and maintenance reserves.

This tool helps you set a price range that leaves room for rising fees and unexpected assessments.

Your numbers

What this means

At your inputs, a $0 condo with $0.00 HOA may fit a 36% debt-to-income budget.

Assumptions and limitations

  • Uses gross income and user-set DTI cap.
  • Does not include reserves, assessments, or utilities.

Frequently asked questions

Should I use gross or net income?
Lenders use gross income; you may want to plan on net for a conservative personal budget.
Do HOA fees count in DTI?
Yes. Lenders include HOA in the housing payment for qualification.

Run these next

Most buyers model HOA, insurance, and assessments in separate passes.

Payment ceiling, not list-price ceiling

Lenders qualify you on payment, but you should set your own comfort zone below the maximum. A $450K condo at 6.75% with $610 HOA and $290 tax/insurance can beat a $520K house with $95 HOA on the same income—the HOA line is why condo-specific affordability tools exist.

Enter gross income and every recurring housing line from documents: budget HOA, assessor tax at your offer, HO-6 quote, and PMI if down payment is under 20%.

Stress cases worth running

Re-run with HOA +10% and insurance +15% when shopping coastal Florida, California, or other catastrophe-exposed stock. If the stress case fails, the building may only be affordable while renewals stay flat—a risky bet after July 2026 Fannie deductible and reserve rule changes.

Comfort zone below the max

Approval at 43% back-end DTI is not the same as comfortable. Leave room for HOA increases after July 2026 insurance and reserve rule changes, especially in Florida and California coastal stock.

Last updated: June 2026

When to use this calculator

  • You are setting a search price range before touring buildings
  • A lender pre-approval shows a max loan but not your comfortable all-in payment
  • You want one number that includes mortgage, HOA, tax, and insurance together

Inputs you need

  • Purchase price or target range
  • Down payment amount or percent
  • Interest rate and loan term
  • Monthly HOA dues from the listing or resale packet
  • Property tax rate or estimated annual bill
  • Monthly HO-6 insurance estimate

How to interpret the result

  • Compare the total monthly payment to your net take-home pay, not just the lender's maximum
  • If the payment leaves little room for dues increases, treat the unit as over budget even if you qualify
  • Run a second scenario with higher HOA or tax to see how fast the payment becomes uncomfortable

What this calculator does not know

  • Live tax bills, insurance quotes, or HOA budgets from any database
  • Lender approval, HOA questionnaire results, or project eligibility
  • Future HOA increases unless you change the inputs yourself
  • Closing costs and cash due at settlement
  • Special assessments unless you model them separately
  • Income tax deductions for mortgage interest or property tax

Documents to verify before relying on the estimate

  • HOA budget and most recent financial statements
  • Reserve study and percent-funded summary
  • Master insurance declarations and renewal summary
  • County property tax estimate for the unit at your offer price
  • HO-6 insurance quote matched to master policy coverage

Educational estimates only. Confirm figures with association documents, county tax offices, and licensed professionals before you make an offer.

Frequently asked questions

Does the lender count HOA in my payment?
Most lenders include HOA in qualifying ratios. This tool helps you see the full picture with taxes and insurance too, not just what fits on paper.
How much condo can I afford?
Model purchase price, down payment, rate, HOA, tax, and insurance here. Your affordable payment should leave room for reserves and fee increases—not just match pre-approval.
What is a condo affordability calculator?
A tool that estimates all-in monthly housing cost for a condo. The homepage condo cost estimator is our primary affordability calculator.

Sources to verify before buying

Use this checklist during due diligence. Calculators help you plan; these documents tell you what a specific building actually costs.

  • HOA budget and audited financials (or reviewed statements if the association is small)
  • Reserve study with percent-funded and component schedules — often prepared under CAI / APRA standards
  • Master insurance declarations: carrier, deductible, wind/hail sublimits, and coinsurance
  • Board minutes covering the last two insurance renewals and any assessment votes
  • Written special assessment notices and payment plans
  • County assessor or municipal property tax estimator for the parcel (not a neighbor’s bill)
  • HO-6 quote aligned to master policy gaps — confirm with your state Department of Insurance licensed agent
  • Lender condo questionnaire or Fannie Mae / Freddie Mac project review status for warrantability

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