If I'm looking at buying a house for $450,000, and want my deposit to be 20%, how much do I need to have saved?

1. Break Down the Problem

To determine how much you need to save for your deposit on a house priced at $450,000, we need to calculate 20% of the total price of the house.

2. Relevant Concepts

The formula to calculate the deposit amount is given by: $\text{Deposit} = \text{House Price} \times \text{Deposit Percentage}$ Where the deposit percentage is expressed as a decimal.

3. Analysis and Detail

1. Convert the percentage from 20% to its decimal form:
   $20\% = \frac{20}{100} = 0.20$
2. Calculate the deposit: $\text{Deposit} = 450,000 \times 0.20$

4. Verify and Summarize

Now calculating the deposit: $\text{Deposit} = 450,000 \times 0.20 = 90,000$ You will need to save $90,000 for your deposit.

Final Answer

You need to have $90,000 saved for your deposit.