Hudson County Carrying Cost Calculator
Estimate the monthly payment for a Hoboken or Jersey City condo using loan terms, taxes or PILOT, dues and insurance. Add costs specific to the home before setting your budget.
Estimate your monthly payment
Compare this estimate alongside the asking price, cash needed at closing and costs omitted from the calculator. Read the monthly ownership-cost guide and tax-abatement guide when reviewing an actual home.
Carrying cost questions
Why does the same list price carry so differently?
Loan terms, taxes, dues, insurance and parking costs can differ between homes at the same price. Compare the full budget for each property and use current, unit-specific figures.
What tax number should I enter?
Use the current annual tax bill or applicable PILOT for the exact unit, including relevant separate charges. Review any financial agreement and known payment changes with your attorney. A listing estimate alone may be incomplete.
What does this leave out?
Add utilities, separate parking, maintenance, assessments and other property-specific costs. Closing costs, prepaid items and required reserves are separate from the displayed down payment. Include any separate flood premium in the annual insurance input.
Compare a specific home
Send the address and available cost information. We can organize a monthly estimate and identify figures to confirm with your lender, attorney and insurance professional.
Estimates are for planning only. Confirm taxes, fees, insurance, and loan terms for any specific home with your lender and attorney.
How this calculator works
The monthly total adds principal and interest, annual taxes or PILOT divided by twelve, HOA dues, annual unit and separate flood insurance divided by twelve, and the monthly mortgage-insurance amount entered. Principal and interest use the loan amount, annual note interest rate and loan term; APR includes other borrowing costs and is not the input for this payment formula. Add utilities, parking, maintenance, assessments and other costs separately. Down payment excludes closing costs, prepaid items and reserves.
Sources
Use the property’s current tax or PILOT bill, association statement, insurer’s quote and lender’s loan estimate. For flood coverage, review the association policy and your own requirements with the lender and insurer.
Quick answers about this calculator
What is the property tax rate in Hoboken and Jersey City?
Confirm the current general rate with the municipality, but enter the actual annual bill or applicable PILOT here. The general rate applies to taxable assessed value, which can differ from the purchase price. The calculator does not derive taxes from the asking price.
What do HOA dues cover in a Hoboken or Jersey City condo?
Coverage varies by association. Review the current statement, budget and governing documents for shared maintenance, insurance, services, utilities, reserves and any separate charges.
Do I need flood insurance for a condo in Hoboken?
Have your lender and insurance professional review the building’s flood-zone determination, association master policy and any unit-level coverage requirements. An upper-floor unit does not by itself settle the building’s coverage requirement. Fannie Mae’s flood-insurance requirements address attached condominium buildings and master policies. FEMA’s condominium coverage guidance explains that building and contents coverage have separate limits and deductibles.
Review a property-specific estimate
For a property-specific estimate using available taxes, dues, insurance and loan terms, send the address to [email protected] or book a call.