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We present a simulation-based technique to estimate area and latency of an FPGA implementation of a Matlab specification. During simulation of the Matlab model, a trace is generated that can be used for multiple estimations. For estimation the user provides some design constraints such as the rate and bit width of data streams. In our experience the runtime of the estimator is approximately only 1/10 of the simulation time, which is typically fast enough to generate dozens of estimates within a few hours and to build cost-performance trade-off curves for a particular algorithm and input data. In addition, the estimator reports on the scheduling and resource binding used for estimation. This information can be utilized not only to assess the estimation quality, but also as first starting point for the final implementation.