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ashneedhelp

  • one year ago

You want to purchase a house in 5 years. You estimate its cost as $150,000 and you want to make a 20% down payment. How much do you need to save each month?

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  1. jim_thompson5910
    • one year ago
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    20% of 150,000 = ??

  2. ashneedhelp
    • one year ago
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    @jim_thompson5910 30000

  3. jim_thompson5910
    • one year ago
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    so you need to have that amount in cash in 5 years

  4. jim_thompson5910
    • one year ago
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    there are 12*5 = 60 months in 5 years so you need to save 30000/60 = 500 dollars per month

  5. ashneedhelp
    • one year ago
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    thanxx

  6. jim_thompson5910
    • one year ago
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    np

  7. ashneedhelp
    • one year ago
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    4. If you want to include closing costs of 5% with your down payment, how much additional money must you save per month?

  8. ashneedhelp
    • one year ago
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    @jim_thompson5910 would that be 525

  9. jim_thompson5910
    • one year ago
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    no

  10. jim_thompson5910
    • one year ago
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    take 5% of 150,000 then divide that by 60

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