First I doubt the APR will be 2.5% in four years. I would plan on 4 to 4.5%...
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?
marry money. my second marriage will be for that.
20,000 /48, discounted for an annual rate of .025.
Just put it all in DOGEcoin and plan your move to Malibu, bro!
A down payment is only the tip of the iceberg for home ownership. https://www.doughroller.net/financial-planning/30-items-need-budget-buy-home/
Get in now. While the interest rates are low. Even if you don’t have a big enough down payment. If you can make the payments and the PMI, do it.
The values are going to increase and the interest rates are going to increase. After 3 or 4 years you can get rid of the PMI after you have 20% equity. If you wait until you have a big enough down payment you won’t be able to make the payments.
Screw the house. It’s a liability they can TAX.
Live in your car.
Buy Bitcoin and stay liquid.
Then in 40 years, turn it all into CASH
and put it all on RED, one spin.
What? You think wanking yourself by putting cash in a bank for years, with soon-to-be negative interest, that now holds you as just another creditor, behind first position claims is such a good idea?
Dude, you really need to smoke better weed.
$438 per month
I have to agree with poster “toast” at #43.
We have very low interest rates. Housing is already spiking in many markets driving up prices now. Private Mortgage Insurance will let you get in now and fixed rate in inflationary times with your income rising due to inflation alone protects you from rent inflation.
Disciplining yourself to save or to pay for PMI are all the same. Get in now and build equity. A rising market and the cost of a new appraisal in 30 months may let you get refinanced without the PMI in a short time if the market booms in your area.
100/week will get you there
Your best bet would be to save $10,000 a month for 4 years then pay Cash for a House!
Don’t pay any attention to the discouragement comments from the landlords.
Save $20K the first month.
Take the next 47 months off
By the time 4 years pass then the monthly payment might be $20,000.
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.
Not going to happen. No solvent bank is offering 2.5 percent on a saving account. You have some options at 0.5 %
Where did you find a bank paying 2.5% interest?!