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?
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.