How Long to Save for a House?
House Purchase Details
Your Savings
Calculation
Down Payment Needed: $80,000
Additional Savings Needed: $55,000
Closing Costs (est. 3%): $12,000
Total Additional Needed: $67,000
Time to Save: 2.8 years
Assumptions & Notes:
- Average US mortgage rate: ~7.0% (2024)
- Closing costs estimated at 3% of home price
- Emergency fund not included in calculation
- Property taxes & insurance not included
- Calculation assumes steady monthly savings
- No investment growth on savings assumed
*This is a rough estimate. Consult with a financial advisor for personalized advice.