Question

You want to buy a house in 9 years. The estimated cost is $175,800.00. You want to make a 20% down payment and closing costs are 7%. How much in totality

Answer 1

Given:
buy a house in 9 years.
Estimated cost of the house = 175,800
down payment = 20%
closing cost = 7%

down payment:
175,800 x 20% = 35,160

closing cost:
175,800 x 7% = 12,306

Amount to save: 35,160 + 12,306 = 47,466

monthly savings:
9 years x 12 months = 108 months

47,466 / 108 = 439.50 savings per month.