Close It!™ House of the Week: Priced right for a first-time homebuyer
This week we're venturing over to Glover Park to check out a studio apartment that's for sale in a cooperative building known as The Cathedral. It's listed at $195,000.
The Cathedral offers a 24/7 concierge and has a swimming pool. The studio apartment has ample closets and comes with an extra storage unit as well as parking. At $785, the HOA fee is a bit on the high side but it includes taxes, utilities, underlying mortgage, cable and Internet.
Assuming a homebuyer puts down 20 percent on a conventional loan, her cash to close number will be approximately $45,957.61. Monthly payments will then be around $1,602.30 per month, including the HOA fee. For a complete picture of the cash to close, or for a run-down of the seller's side of the deal, plug the numbers into the Web version of Close It™or download the free iOS app.