The Monthly Cost Beyond the Purchase Price

Begin with principal and interest, then add property tax, condo common charges or co-op maintenance, homeowner insurance, mortgage insurance where applicable, utilities, parking, and any current assessment. Co-op maintenance may include portions of the building's tax and underlying mortgage, so it should not be compared directly with a condo common charge without reading the details.

Add a reserve for repairs and future building costs. Review financial statements, reserve levels, recent assessments, insurance changes, planned capital work, and the history of fee increases. A low monthly charge can be misleading if the building has deferred work or weak reserves.

Then stress-test the budget: a rate change before lock, a tax or maintenance increase, an assessment, or a temporary income interruption. The affordable home is the one whose complete monthly cost still leaves room for savings and ordinary life.