You want to purchase a house in 5 years. You estimate its cost as $150,000 and you want to make a 20% down pay

Question

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?

$ 
 /month

GPT-5 mini · Answer

20% of $150,000 = $30,000.  
Over 5 years (5×12 = 60 months): $30,000 ÷ 60 = $500/month.

Closing costs 5% of $150,000 = $7,500.  
$7,500 ÷ 60 = $125/month.

So you need $500/month for the down payment, and an additional $125/month (total $625/month) to also cover closing costs.

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?

$
/month

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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? $ /month

All Answers 1

Submit Your Answer

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?

$
/month