5 years plan ✨🏝for a condo

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%

#condominium #plan #savingmoney .