On the order of a bit more than $400/month, ignoring interest.
In my head.
$813.54
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
Interest rates for savings are so low that compound interest is a little factor.
So 20,000 divided by 48 months is about 420 a month. If you cannot save more than $100 a week for 4 years you may not be able to afford a house.
Start looking for fixer-uppers and repos now - and build up with sweat equity.
How old are you and what do you do for a living?
Oh, sorry, I thought you said two years. For four years, it’s $396.61.
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....
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.
See #7
Depends. When is that interest applied to your account? Some accrue at x-percent per year, but will monthly, quarterly, semi-annually, annually. Of course, at 2.5%, interest would be piddling anyway. Just figure 5k/year or $417/month.
Nothing. Live for today.
Where can you buy a house for $20,000?...................
Just consider any measly interest the bank will give you as a bit of pocket money and save $420.00 a month ($20,000.00 divided by 48 months). I don’t know about where you are, and I don’t mean to sound discouraging, but are you sure you’re going to be able to buy a home with $20,000.00 down....especially in four years? OTOH, maybe things will have corrected by then and these crazy prizes will be history.
If your intended downpayment on a house is $20,000, make sure then you are getting a house for $100,000 or less. Otherwise, you will be subject to PMI. Unfortunately, you might be looking at a condo or mobile home for your first house. But that's a start.
Hopefully you are putting aside money for your retirement years as well.
Considering the dollar will become nearly worthless soon, due to pResident Dementia’s inflation bonanza, a LOT per month. Follow a Brink’s truck around and hope one of the back doors flies open and bags of cash tumble out.
I hope you’re young enough to enjoy it, when you do get it. Never owned a home. Now in my 70’s, and it’s a blessing I don’t. One less thing my two sons will have to deal with when I’m dead.
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.
If you aren’t resourceful enough to find the proper calculator on line you don’t belong here. I suggest “The Hill”.