Posted on 05/05/2021 11:54:01 AM PDT by 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?
Will "money" be even recognized ?
Will inflation make our dollar like Zimbabwe ?
Will "money" be accepted as a barter tool ?
Did God leave you ? .. (you never had Him if you think He did)
Don't bother saving, ... if they take it all away from you, it's been taken away from everyone.
Even the Satanists need the worker bee to support them and they will not kill that cash cow.
You can’t get there with a savings account. The 2.5% is a “nominal” rate not accounting for inflation. Inflation is currently probably around 8%, so you are LOSING purchasing power on your money to the tune of 5.5% every year. Inflation in construction materials and used home prices is astronomically high now.
Also, don’t forget that your interest is taxable income, so you won’t get the full 2.5%.
Borrow from relatives and get in now. And pray this insane housing bubble does not collapse.
If you have to ask that question you should probably not be buying a house. Do your own due diligence.
There are many good online tools on saving and home buying and calculating mortgages, including insurance and taxes (which you will need to look up for your area). I recommend doing some homework to learn to use these many tools. Then you will be ready to make informed decisions. Home buying is a lot more complicated than just asking how much money you need on a forum.
” Of course, at 2.5%, interest would be piddling anyway. Just figure 5k/year or $417/month.”
A thousand bucks is not piddling!
If you aren’t resourceful enough to find the proper calculator on line you don’t belong here. I suggest “The Hill”.
First I doubt the APR will be 2.5% in four years. I would plan on 4 to 4.5%...
“more complicated than just asking how much money you need on a forum.”
Yup &........
A political forum at that, holy crap...
You waited too long...
By the time you have saved the money, the communists who rule us will have implemented their already announced plan to outlaw those racist single-family residences...
$408.33
What bank is paying 2.5% interest on savings?
Be careful that in the 4 years it takes you to save $20,000 housing prices will have gone up over $40,000 in your area
—
Seems like they’ve gone up $20,000 since last week.
marry money. my second marriage will be for that.
20,000 /48, discounted for an annual rate of .025.
Nah...that was finance math, not accounting. Sophomore year class.
Just put it all in DOGEcoin and plan your move to Malibu, bro!
No, it's not. But he'd have even more if he just threw the extra $20/month in savings. Not a huge leap between $397 and $417.
Buy Doge coin. You will be a billionaire in four years.
(I am kidding...don’t buy Doge coin.)
You beat me by 30 seconds. Ha ha.
He gave two tests: a midterm and a final. Each test consisted of five essay questions. Two, if not three, of the questions' first sentence was, "based on the information you've given me, I cannot answer the question." Then you'd have to explain why. Wasn't unusual to write out 8-10 pages during that 50 minute class.
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