Fort Lee Condo Now $318,500: What Does It Cost a Month?
The one-bedroom condo at 2205 N. Central Road, Unit 3F in Fort Lee has a new price of $318,500, down from $329,000. At that price it costs about $2,786 a month all-in with 10% down, $2,572 with 20% down, and $2,357 with 30% down. Those figures assume a 30-year fixed loan at 7.125% and include the 2025 property taxes of $4,023 a year, the $445 monthly HOA fee, $50 a month for the reserved parking space, and an estimated $25 a month for condo insurance.
- Saturday, October 10: 12:00 to 2:00 pm
- Sunday, October 11: 1:00 to 3:00 pm
2205 N. Central Road, Unit 3F, Fort Lee, NJ 07024. Bring this breakdown with you and ask me anything about the numbers.
First-time buyers and renters in Bergen and Hudson Counties who want to know what ownership really costs each month, and anyone who works in Manhattan and wants to own on the New Jersey side of the George Washington Bridge.
Most payment estimates online show only the mortgage. That is the number that gets people into trouble. I put this together so you can see every dollar that leaves your account each month, at several down payment levels, on one real listing. The new price lowers every one of those numbers.
What is the monthly payment at each down payment level?
The more you put down, the lower the payment, but every scenario carries the same $855 in fixed monthly costs. Here are three common down payment levels at the new price of $318,500.
Down payment | Cash down | Loan | Principal and interest | All-in monthly |
|---|---|---|---|---|
10% | $31,850 | $286,650 | $1,931 | $2,786 plus PMI |
20% | $63,700 | $254,800 | $1,717 | $2,572 |
30% | $95,550 | $222,950 | $1,502 | $2,357 |
All-in includes taxes, HOA, parking and an insurance estimate. Below 20% down, lenders usually require private mortgage insurance (PMI), which your lender quotes and is not included above.
My take: 20% down is the cleanest line for most buyers. At the new price that is $63,700, about $2,100 less cash than before. You avoid PMI, the payment sits near $2,570, and you keep the rest of your savings working for you.
What is included in the $855 of fixed monthly costs?
Four items stay the same no matter how you finance the purchase.
- Property taxes: $4,023 a year, about $335 a month, per the 2025 Bergen County tax record.
- HOA fee: $445 a month, per the listing.
- Reserved parking: $50 a month for your own space.
- Condo (HO-6) insurance: about $25 a month. This is my estimate; your carrier sets the real figure.
Ask for the association's budget and a list of what the HOA fee covers before you sign anything. Two fees that look the same can cover very different things.
How does owning compare with renting here?
A comparable one-bedroom in the same complex leased for $2,250 a month in September 2025, according to NJMLS. At 20% down, owning runs about $322 more a month than that rent, but part of every payment goes to principal, which is money you keep. At 30% down, the gap narrows to about $107 a month.
That is worth knowing, and it is not the whole story. Owning also means closing costs, repairs inside the unit, and the possibility of a special assessment. Renting means none of those, and no equity either. The right answer depends on how long you plan to stay. For a fuller list of what to budget, read my down payment guide for Bergen and Hudson County.
Why is this a strong first home near New York City?
Fort Lee sits at the New Jersey end of the George Washington Bridge, with bus service into Manhattan. You get a shorter trip into the city than most of Bergen County, with property taxes on a unit this size well below many single-family homes nearby.
Unit 3F itself checks the boxes first-time buyers ask me about most:
- A one-bedroom, one-bath home of 597 square feet on the third floor, with every room facing east.
- A well-maintained, professionally managed mid-rise building with an elevator and controlled-access entry.
- A reserved parking space, which matters in a town where street parking is tight.
- An updated kitchen with stainless steel appliances, a renovated bath, and hardwood floors.
If you are comparing buildings, these seven questions to ask before you buy a condo near the George Washington Bridge will help you compare fairly. Better yet, bring them to the open house this weekend.
What should you confirm with a lender first?
Get a written pre-approval before you fall in love with any unit. Your real rate, APR, PMI and closing costs depend on your credit, your loan program, and whether the lender approves the building for financing. Financing eligibility for Central Court has not been verified, so ask your lender to confirm it early. If you want to see what else is available, you can search homes for sale, and my home purchasing services page explains how I work with buyers.
By the Numbers
- New list price: $318,500, down from $329,000 (NJMLS #26036142, October 2026)
- Price per square foot: about $534 on 597 square feet (Bergen County tax record)
- Property taxes: $4,023 a year (Bergen County tax record, 2025)
- HOA fee: $445 a month, plus $50 a month for reserved parking (listing, October 2026)
- Fixed monthly costs before the mortgage: about $855 (my calculation, October 2026)
- All-in monthly at 20% down: about $2,572 (7.125% rate assumed, October 2026)
- Comparable one-bedroom lease in the complex: $2,250 a month (NJMLS, September 2025)
The Bottom Line
At $318,500, this home is within reach for a first-time buyer who can put 20% down and carry about $2,570 a month. Put 30% down and the payment drops to about $2,360; put 10% down and plan for PMI on top of about $2,790. Here is what I would do: get pre-approved, ask for the HOA budget, and walk the unit this weekend before you decide.
Frequently Asked Questions
When are the open houses at 2205 N. Central Road, Unit 3F?
Saturday, October 10 from 12:00 to 2:00 pm, and Sunday, October 11 from 1:00 to 3:00 pm.
How much do I need to put down on a $318,500 condo?
With 10% down, about $31,850, the all-in payment is about $2,786 a month before PMI, which lenders usually require below 20% down. Putting down 20%, or $63,700, avoids PMI and brings the all-in payment to about $2,572 a month at 7.125%.
What is the HOA fee at 2205 N. Central Road, Unit 3F?
The HOA fee is $445 a month, and the reserved parking space adds $50 a month. Ask for the association's list of what the fee covers.
Is it cheaper to rent or buy a one-bedroom in Fort Lee?
A comparable one-bedroom in the complex leased for $2,250 a month in September 2025. Owning at 20% down costs about $322 more a month, but part of each payment builds equity.
Stop by Saturday, October 10 from 12:00 to 2:00 pm or Sunday, October 11 from 1:00 to 3:00 pm. If those times do not work, request an appointment, or call or text my cell at (201) 970-3960, and I will walk you through the numbers with your own down payment.
Not ready to talk yet? Take my 7-question home quiz, about 90 seconds, or ask my AI assistant a question any time.
Scott Selleck, Broker / Sales Associate, SRES, e-PRO. Licensed since 1993. Over 500 transactions closed. Career production record.
The Selleck Group, KW City Views Realty | 2200 Fletcher Avenue, Suite 502, Fort Lee, NJ 07024
Cell: (201) 970-3960 | Office: (201) 592-8900 | [email protected] | SelleckSellsNJ.com
Payment disclosure. Examples assume a $318,500 purchase price, a 30-year fixed-rate loan repaid in 360 monthly payments, and a 7.125% interest rate with an assumed annual percentage rate (APR) of 7.125%, meaning no points or lender fees. Down payments shown are 10%, 20% and 30% of the price. Rates and APR change daily and depend on credit and loan program; actual APR will be higher if points or fees apply. Payments shown for principal and interest exclude PMI. This is an illustration, not a loan offer, rate quote or commitment to lend. I am a licensed real estate agent, not a mortgage lender. Confirm all figures with your lender.
NJ Real Estate Broker / Sales Associate License #9236275 • Equal Housing Opportunity • Keller Williams City Views Realty. Each office is independently owned and operated. Information deemed reliable but not guaranteed. Prepared with AI-assisted calculation and reviewed by Scott Selleck.
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