Here are some sample maintenance and mortgage calculations to give you an idea of how affordable Nabors Apartments are.
Maintenance charges:
The maintenance fee is calculated proportionately according to the number of shares allocated to each apartment. The current monthly maintenance fee schedule is as follows:
2-bedroom |
Larger |
Standard |
Smaller |
Studio |
|
Floors 1 & 2 |
$650.60 | $525.48 | $500.46 | $425.39 | $275.25 |
Floors 3 & 4 |
$675.62 | $550.51 | $525.48 | $450.41 | $300.28 |
Floors 5 & 6 |
$700.64 | $575.53 | $550.51 | $475.44 | $325.30 |
Sample monthly charges for a one-bedroom apartment:
Given a purchase amount of $150,000, with a down payment of 10% ($15,000), if you obtain a 30-year mortgage at an interest rate of 4.5%, your monthly payments would be: $684.03.
Plus a monthly maintenance of: $525.48
Your total monthly “rent” for a one-bedroom apartment would be: $1,210
Where else in Manhattan could you get a bargain like this?
Plus you get tax breaks at the end of the year, to boot! — something you don’t get when you rent. For example, in 2000, approximately 41% of maintenance and 77% of first-year mortgage payments were tax deductible. In this example, that translates to approximately $2,332 and $4,644, respectively—a total of $6,976 in tax deductions! Plus you would be building equity, since apartment prices are increasing and as you pay off the mortgage.
Play around with other mortgage possibilities:
The Amortization Calculator allows you to figure out monthly mortgage payments and the breakdown between principal and interest payments, given the loan amount (purchase amount minus down payment), and term of loan. The Loan Affordability Calculator helps you figure out whether you can afford a mortgage for the home you're interested in, given your other debt obligations.
For more information:
Check out the Mortgage Library at Mortgage-X, which has a wealth of how-to articles and government brochures and publications about mortgage loans. And you can search for the lowest mortgage rates at Bankrate.com.