How much to save monthly for a $60,000 down payment in 5 years?
Targeting a $60,000 down payment in 5 years, starting from nothing, in a high-yield savings account.
Required monthly savings
$905
- Weekly equivalent
- $209
- Total contributed over 5 years
- $54,299
- Interest earned
- $5,701
Assumptions used
- $60,000 goal, 5-year timeline, 4% savings rate, starting from $0
This assumes a steady interest rate on a savings account the whole 5 years, which will fluctuate in reality. Starting with even a small lump sum reduces the monthly target further.
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