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Let's calculate the monthly savings needed for a condo priced at $2.1 million.
1. **Determine the Down Payment**:
- For a 20% down payment on a $2.1 million condo:
\[
2,100,000 \times 0.20 = 420,000
\]
2. **Include Additional Costs**:
- Assuming an additional 5% for closing costs, moving expenses, and an emergency fund:
\[
2,100,000 \times 0.05 = 105,000
\]
3. **Calculate the Total Savings Needed**:
- Add the down payment and additional costs:
\[
420,000 + 105,000 = 525,000
\]
4. **Set the Timeline**:
- If you want to save in 5 years (60 months), divide the total savings needed by the number of months:
\[
525,000 \div 60 = 8,750
\]
So, you would need to save $8,750 per month to buy a $2.1 million condo in 5 years, assuming a 20% down payment and additional costs of 5%