How much do I need to save?

[jroehl]

I want to save up $20,000 in the next 4 years to buy a house. If my bank offers me a savings plan with an APR of 2.5% when I make monthly payments, how much will I need to save each month?

[OneVike]

You should answer your OWN homework assignments for the introductory Accounting class you are taking at community college, instead of going to a random website....

Actually, thi is not some random web site. There are more people here who can give him/her the advice they need than any other place on the WWW..

You being a member since 1998, should know that.

[OneVike]

This is not a financial site of which there a plenty. I suggest you find one, and fast as you are obviously a prime target for scammers.

Actually, thi is not some random web site. There are more people here who can give him/her the advice they need than any other place on the WWW.

[Bell Bouy II]

Opinions are like yourself

[woodbutcher1963]

Save $20K the first month.

Take the next 47 months off

[Bell Bouy II]

bye the way..
Anyone that comes to Free Republic.com for financial advise is a 100% total Frig’en idiot and your promoting that puts you as the top idiot

[4Liberty]

Folks, no offense intended. It was the type of question that I get from my college students, after they leave my class to take another course. This happens occasionally - a student will send me a question to help them answer that sounds suspiciously like a homework task in a class they're currently enrolled in. I took it in that spirit.

Snarky comments are common on FR, so I thought I would follow suit. I guess I'm not allowed an occasional 'wise' remark, will have to reread the rule book. ;)

PS, I'm not a dude.

[Revel]

By the time 4 years pass then the monthly payment might be $20,000.

[EQAndyBuzz]

“Oh, sorry, I thought you said two years. For four years, it’s $396.61.”

You rounded up from $396.60617. Well done.

[jroehl]

Yes, this was a question on my college level math class final exam.

[sergeantdave]

Asking a question like this will draw out all the senile, old goats on FR who will scream like little girls that you’re doomed.

Go to a financial website where there are sane people who are willing to provide sensible financial advice.

[jroehl]

But I like the senile, old goats on FR!

[sergeantdave]

“But I like the senile, old goats on FR!”

Well, follow their advice then.

[pfflier]

Where can you buy a house for $20,000?...................

Where can you find a bank that pays 2.5% interest?

[PAR35]

Not going to happen. No solvent bank is offering 2.5 percent on a saving account. You have some options at 0.5 %

[PAR35]

Start with free land.

https://www.cheatsheet.com/money-career/get-your-land-for-nothing-and-your-house-for-free-places-in-america-that-will-pay-you-to-live-there.html/

More recent story here:
https://gokcecapital.com/free-land/

Or if you want a house already built, look for a dollar home (you have to buy your own body armor)

https://www.hud.gov/program_offices/housing/sfh/reo/goodn/dhmabout

[KC Burke]

Fixed low rate is everything in an inflation cycle. Rampant spending in the Nixon / Ford / Carter era led to inflation subsequently. The money supply has been increased triple over that earlier cycle. We are seeing the consequences now.

Having a fixed mortgage instead of increasing rent is critical. I was renting in the Carter era and wish I could have had a PIM route at that time.

[Jim from C-Town]

Where did you find a bank paying 2.5% interest?!