Question

You are purchasing a house 12 years from now. The estimated purchase price is $171,600.00. You want to make a 20% down payment. You are trying to determine how much to save per month to reach your goal. If closing costs are 8.7%, how much additional money do you need to save per month to cover the additional expense?

Answer 1

Need 34,320 for 20% down divide by 12 years and then by 12 months = 238.33 per month (assume no interest on savings, rounding occurs

Answer 2

You need to save $19,390.8