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Condo Mortgage Calculator

We specialize in condo financing.

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Condo Financing

RK Mortgage Group is a leader in condo financing. We offer very exclusive product options for condominium buyers, whether they meet Fannie Mae’s guidelines or not. We can get you into a qualified condo with as little as 5% down. Benefit from our experience in getting you the best condo financing at a lower rate.

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Why Choose Us
Low Rates

We offer one of the industries lowest rates.

Secured Online Process

Upload loan documents and e-sign mortgage forms online.

Exceptional Customer Service

Your dedicated Loan Specialist will be your guide from application to closing.

Fast Financing

We’ll help you close quickly, so you can get the keys to your new home in no time.

How it works
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Mortgage Calculator

Simply enter the price of the home and your down payment. In seconds, you will have an estimate of your monthly mortgage payment, schedule and closing cost.
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Condo Mortgage Calculator

If you are in the market for a new condo, the first step is figuring out what you can afford. In the wake of the housing and mortgage crisis, lenders tightened their guidelines, and they started being especially meticulous about providing affordable mortgages. Still, just because a lender approves you for a certain amount doesn't mean that you can comfortably afford it. RK Mortgage Group is pleased to offer this convenient condo mortgage calculator with HOA so that you can get a strong feel for how much your monthly payments will be for any given condo. Read on to learn more about how it works and how to use it.

Why Should You Use a Mortgage Calculator with Condo fees?

Mortgage calculators are readily available all over the internet. However, the vast majority of them are designed to calculate mortgage payments on standard single-family homes. As a result, very few calculators include fields for homeowner's association fees, which can be substantial when living in condos. Without including this information in your calculations, you could inadvertently end up with the wrong idea about how much you can afford. After all, condo homeowner association fees, or HOA fees, average between $200 to $400 per month--and that is on top of your regular mortgage payment.

How it Works

This mortgage calculator for condos is easy to use. You just have to provide a few small pieces of information to calculate condo mortgage payment. First, of course, there's the sale price of the condo itself. Ideally, it should be whatever you negotiate it to with the sellers. However, if you are just starting your search, it is okay to use the listing price. Just keep in mind that in the end, the final sale price could be lower or higher depending on how negotiations go.

The more details that you can provide, the more accurate your estimate will be. Therefore, it pays to include the annual property taxes that are owed for the property in question, as they are typically rolled into the price of your monthly mortgage payment. You can usually find property tax information for properties around the country on the internet. If you are unable to do so, contact the listing agent to see if they can tell you.

You should also include the annual cost of homeowner's insurance for the property. Since this isn't something that you will know for sure until much later, consider contacting an insurance company for a quote. You can sometimes get a quote right online. Again, this fee is typically rolled into the cost of the mortgage payment.

Finally, there is a field for noting the down payment that you are planning to make. You can use this field to play around with different scenarios based on different potential down payments to see how they will affect your monthly condo mortgage payment, so it is very handy.

Get Started Now

The sooner you find out how much that awesome condo is going to cost you per month, the sooner you can get started on actually buying it. RK Mortgage Group is here to help you secure the condo of your dreams, and a great first step is to avail yourself of our convenient, easy-to-use mortgage calculator. Don't go into this major transaction without all of the information that you need. Gather your information and plug it into the calculator now to see how much your monthly payments for your condo loan will be!

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