Tell us how much you make and where you want to buy a home, and we can tell you how long it will take for you to save enough.
It will take you
to save for a home.
|Your monthly income is:||$3,188|
|Most mortgage companies will not let your monthly payment exceed 35% of your income. Based on your income, here's the monthly mortgage payment you would be able to afford.||$1115.80|
|The total amount you can borrow over 30 years is:||$197,230|
|And the amount of the home you want to buy is:||$132,000|
|So the amount you need to save for the down payment and closing costs is:||$26,480|
|If you're saving 20% of your income, it will take you this long to save the $26,480:||3.46 years|