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 total do you need to save each month to reach your goal if you cover the closing costs and the down payment​

Answer 1

Given:

estimated cos/purchase pricet: 175,800.00

down payment: 10% of purchase price

closing costs: 7% of purchase price

years to save: 9 years

Down payment:

175,800 * 10% = 17,580

Closing cost:

175,800 * 7% = 12,306

Total cost to save for : 17,580 + 12,306 = 29,886

9 years * 12 months = 108 months

29,886 / 108 months = 276.72 savings per month.