Condo True Cost Calculator
See what a condo really costs over 10 years. The numbers most buyers never run before signing.
Condo Details
Other Costs & Comparison
What would a similar unit rent for in the same market?
Assumptions: 30-year fixed mortgage. Property taxes & insurance increase 3%/year. Renter invests the monthly difference at 7% annual return. Home appreciation at 3%/year.
Your Results
10-Year Comparison: Own vs. Rent & Invest
| Own | Rent & Invest | |
|---|---|---|
| Total Spent (10 years) | $0 | $0 |
| Home Equity Built | $0 | — |
| Investment Portfolio | — | $0 |
| Home Appreciation | $0 | — |
| Net Position | $0 | $0 |
| Winner | ||
The Condo Trap reveals 7 forces draining your equity
Energy mandates, insurance spikes, special assessments, metro district taxes, pension-driven property taxes, environmental risks, and soaring utilities. This calculator shows the math. The book shows you how to fight back.
Get The Condo Trap on Amazon (opens in new tab)Frequently Asked Questions
The true cost of owning a condo goes far beyond your mortgage payment. When you add HOA fees (averaging $450/month in major metros), property taxes, insurance, special assessments, and maintenance, a mortgage-free condo can cost $1,500-$2,000+ per month in carrying costs alone. Use our Condo True Cost Calculator above to see the full picture for your specific situation.
HOA fees cover building maintenance, insurance, amenities, and reserves, but they increase at an average of 6% per year — far above inflation. Over 10 years, $400/month in HOA fees becomes $716/month, and you'll have paid over $66,000 total with zero equity to show for it. The Condo Trap breaks down exactly where your HOA money goes and why most of it never benefits you directly.
In most major metros, renting is now cheaper than owning a condo when you account for all carrying costs. The hidden expenses — HOA fees, special assessments, insurance spikes, and energy mandate compliance — can add $800-$1,500/month on top of your mortgage. If you invested the difference between renting and owning, the math favors renting in most markets.
Special assessments are one-time charges from your HOA to cover unexpected or major repairs not covered by reserves. Post-Surfside reforms and aging building infrastructure mean assessments of $10,000-$200,000+ per unit are becoming routine rather than rare. On average, expect a significant special assessment every 5-7 years.
Based on historical data, condo carrying costs increase 50-100% over a 10-year period. HOA fees rise 6%+ annually, insurance premiums have increased 40-300% in many markets since 2020, and property taxes rise with reassessments. The Condo True Cost Calculator above models these increases so you can see the real 10-year picture.