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. How much do you need to save per month to reach your goal?

Answer 1

To calculate how much you need to save per month to reach your goal, follow these steps:

1. Calculate the down payment amount: 20% of $171,600.00 = $34,320.00

2. Calculate the loan amount: $171,600.00 - $34,320.00 = $137,280.00

3. Determine the number of months until the purchase: 12 years * 12 months/year = 144 months

4. Divide the down payment amount by the number of months: $34,320.00 / 144 months = $238.33

You will need to save $238.33 per month to reach your goal of making a 20% down payment on a house 12 years from now.