If 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?

if you want to include closing costs of 5% with your down payment, how much additional money must you save per month?

Question

Mathematics

Hector Mann

12 July, 03:27

If 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?

if you want to include closing costs of 5% with your down payment, how much additional money must you save per month?

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Answers (1)

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Janitor · Answer 1

money to be saved each month in five years. Is 2000

If additional cost is added, you'll save extra 6000. I. e saving 100 per month.

Step-by-step explanation:

Let's get the value of the down payment first.

20% of 150000 = 30000

So the remaining amount to be saved up to is 150000-30000 = 120000.

This money is to be saved in 5 years monthly.

12 months in a year

12*5 = 60 months on 5 years

So to know the actual money to be saved each month in five years.

120000/60 = 2000

5% of 2000 = 100

100*60 = 6000

You'll save additional 6000 if closing costs is added

If 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?if you want to include closing costs of 5% with your down payment, how much additional money must you save per month?

If 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?

if you want to include closing costs of 5% with your down payment, how much additional money must you save per month?