you want to purchase a house in 10 years. You estimate the cost will be $184,500.00. you want to make a 20% downpayment and pay closing costs, which are 8.5%. how much are the downpayment and closing costs? how much do you need to save each month to reach your goal

Answer 1

The downpayment will be 20% of $184,500.00, which is:

0.20 x $184,500.00 = $36,900.00

The closing costs will be 8.5% of $184,500.00, which is:

0.085 x $184,500.00 = $15,706.25

Therefore, the total cost of the downpayment and closing costs will be:

$36,900.00 + $15,706.25 = $52,606.25

To reach this goal in 10 years, you will need to save:

$52,606.25 ÷ 120 months = $438.39 per month

Therefore, you will need to save $438.39 per month to reach your goal of purchasing a house in 10 years, while making a 20% downpayment and paying closing costs.