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Cost Scenarios
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G-W
$315 per SF		Brookfield
$420 per SF
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2BR in PCV
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Co-opCondoComment
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Price per Sq foot315420As noted, 420 for Brookfield is my assumption.
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Square footage: 2BR/PCV1,2231,223
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Total Cost385,245513,660Just price x square footage

For condo: this is the total amount to be paid not including closing costs
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Underlying Mortgage171,220NAG-W has stated that of $315 psf, $140 psf will be apportioned for underlying mortgage.
140/315 x 385,245 = 171,220
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Loan to Buy Shares214,025NAG-W has stated that of $315 psf, $175 psf will be apportioned to buy unit shares
175/315 x 385,245 = 214,025
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Downpayment32,10451,366For co-op: there is no down payment required on the underlying mortgage.
I'm figuring 15% DP.
.15 x 214,025 = 32,104

For condo: I'm figuring 10% DP
.10 x 513,660 = 51,366
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Mortgage or Loan minus DP181,921462,294For co-op: 214,025 - 32,104 = 181,921

For condo: 513,660 - 51,366 = 462,294
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Total To Be Paid (minus DP w/o Closing Costs)353,141462,294For co-op: Unit Shares Loan - DP plus Underlying Mortgage

For condo: Loan - DP
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Closing Costs6,00034,077Significant difference. I've included a tab for closing costs based on a sheet from Elika Associates (link included)
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Total To Be Financed359,141496,371Mortgage/Loan - DP + Closing Costs
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Your Total Cost including Closing Costs391,245547,737These are the price psf x square footage plus the closing costs.
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Monthly Mortgage1,7772,456Went to the Bankrate mortgage calculator & applied $359K & $496K @ 4.3% 30 yr fixed
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Maintenance & Tax1,4981,498I'm using the numbers supplied by one of our bloggers. Maintenance & Taxes were supplied as 2 separate numbers & added together. I thought taxes were included in maintenance. Can anyone comment?
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Utilities200200I'm adding this as a monthly cost because it's a cost that we don't pay today.
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Total Monthly Payment3,4754,154
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Mortgage Interest Deduction300386Using the amortization calculator:
for 359K over 10 yrs interest averages a little over 13K per yr, about 1200 per month at a tax rate of 25% = 300 deduction.

For 497K over 10 yrs interest averages about 19K per yr, about 1583 per month at a tax rate of 25% = 386 deduction.
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Property Tax Deduction4949From blogger supplied stats: Tax = $2,351;
196 per mo. X 25% tax rate = $49
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Rental to Co-op or Condo Deduction00I believe that there will be a reduction in maintenance costs after conversion because certain costs like a rental office go away.
One of our bloggers objected to including this.
I would be happy include some deduction estimate in my own calculations if I had a comprehensive listing of the categories of costs needed for a rental property versus the categories of costs needed for a converted property. However, without this listing & a sense of the relative expensiveness of each category, I'm not figuring in a deduction for the time being.
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Effective Mo. Outlay after Deduct.3,1263,719
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Value 9 years after purchase913,0001,022,560This figure was derived using the buy vs rent calculator starting with a conservative value of 625psf. Added 12% more for a condo sale.
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Closing Costs at sale45,00056,0006% to an agent & NYS tax
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Principal owed290,000405,000Derived from amortization calculator
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Takeaway at Sale578,000561,560
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9 Year Outlay337,608401,652Monthly costs x 12 x 9
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Takeaway minus all costs240,392159,908This is the amount you take away if you take into account all you've spent on mortgage, maintenance & utilities. In most cases no one would be interested in this except in our case we could rent under favorable conditions so it's of interest to see what the profit is when you take away the 9 year outlay, then add back the rental cost.
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Add Rental Cost Take your current rent, add 3% inflation per year for 9 years & aggregate. This is what you would have paid in rent anyway.
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Final Profit from a Rental Standpoint What you would have paid in rent plus the Takeaway minus all costs
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