Sunday, February 21, 2010

Buying a home...

Something I know a negative nothing about... In five years I plan on purchasing my first home. I know five years seems like a LIFETIME, but I think it may be reasonable. So hopefully this will help me keep track of everything I want to accomplish. So the plan currently is... in five years have a down payment of 25% and closing cost of around 8% of my future home. Hopefully my future home will range in the price of $100,000 to $300,000. Yes, that is a big difference but it depends on how much I can save in five years. So lets say I will be going with $300,000... The down payment would be $75,000 and the closing cost would be $24,000 which would equal $99,000. Okay again I understand that seems to be a lot of money for a girl who works at Home Depot only part time... But each year for five years I will have to save $19,800, so that is $1,650 a month that needs to be saved. That much money does not seem like a ridiculous amount of money. I think/hope it all works out! wish me luck!!

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