Calculating Take-home Pay, and Length of Savings: Because it is such a large amount, most people, when deciding to buy a home, need to plan ahead and start saving for the down payment. Using the average starting salary in the career you chose after graduation as a guideline (from #2), calculate your monthly take-home pay; this is your net monthly payment after you have an average of 30% taken out for income taxes. Monthly take-home (net) pay after 30% income taxes = (gross annual salary 0.70) 12 Assuming you can afford to put aside 20% of your monthly take-home pay (Monthly take-home pay x 0.20) into saving toward the down payment on your house, use the TVM Solver app for annuities on your calculator to determine how long it will take you to save up the amount of the required down payment if your savings earn 4% interest annually.

Average starting career: 54,610

required downpayment: 25,000

So far I did:

(54,610x.70)= 38,227/12 = 3,185.58 Now I don't know how to find out how long it would take me