ERIC HAMILTONMORTGAGES REIMAGINEDStart my application

YOUR MORTGAGE, EXPLAINED

A cheaper condo can have a similar payment to a larger purchase

Eric compares a $350,000 condo with a $350 monthly association fee against a $425,000 single-family home. The example shows why listing price alone can hide important differences in cash flow.

By Eric Hamilton · Published October 6, 2026

Originally uploaded October 16, 2025 · 1:35 · Watch on YouTube

Written companion added October 6, 2026. Adapted from Eric’s video captions with source checks; not a word for word transcript. The recording retains its original date.

Keep the upfront cash comparison visible

At 20% down, the condo requires a $70,000 down payment and a $280,000 loan. The house requires $85,000 down and a $340,000 loan. That means $15,000 more down-payment cash for the house, before considering different closing costs or reserves.

Compare what each payment includes

Obtain actual principal, interest, taxes, insurance and association costs for both properties. Then ask what the condo fee covers and what maintenance a house owner would fund separately. Rates and fees depend on the specific loan and property; condos do not universally receive the same pricing adjustment.

Can I compare the choices just by adding the HOA fee?

No. Consider cash required, services included, maintenance exposure and potential association assessments as well as the total monthly obligation.

Sources and scope

Published October 16, 2025. The source’s monthly difference is inconsistent, so it is not reproduced as a verified quote.

  1. CFPB: Figure out how much you want to spend Accessed October 6, 2026

General education, not a loan quote, approval or an individual recommendation. Ask the appropriate professional about your situation.

KEEP LEARNING

Your next questions

Are HOA dues included in my mortgage payment?

Association dues are often paid separately from the mortgage, even when the lender includes them in the housing cost used for qualification. Verify the actual payment arrangement with the association and lender. A mortgage statement without HOA dues does not mean those dues are optional or already covered.

Read the answer

Leave room for the housing costs that can change

The video asks buyers to look beyond the payment quoted at purchase. A comfortable first month does not guarantee that the same budget will remain comfortable as expenses and income change.

Read the answer

Am I losing money by keeping cash in escrow?

Escrow holds money for covered bills and can simplify their timing. Whether interest is paid depends on applicable rules and account terms. Compare any available waiver’s costs and responsibilities with the value of managing the cash yourself. The decision should include reliability and fees, not just a possible savings account yield.

Read the answer

Can I pay my own taxes and insurance instead of using escrow?

An escrow waiver may be available for some loans, subject to program, lender and servicing rules. Paying bills yourself changes who manages the timing; it does not remove the cost. Compare any pricing or fees, your ability to save regularly and the consequences of missing a tax or insurance payment.

Read the answer

Browse the answer library · Read Eric’s blog · Watch the video library