Where to put my Mortgage down payment savings
Not sure if you remember me but I had a lot of debt last year at the time my wife and I were going to get married. Well I didn't eat out, didn't buy an hdtv, had basic phone and internet and I was able to scrounge together 2100-2500 a month to apply towards my debt. Now I need to find a sanctuary for this 2100-2500 a month that will now be building up for a down payment on a house.
I am with USAA and they have MFs and MMAs that I can just drop this money into. The money will ultimately be saved for a total of 2-3 years and I basically need to get a decent rate and fight inflation. Goal is 60k. I assume the answer to my question is just put it into the most conservative investing account but I'm looking for more alternatives in this volatile market.
I will in effect be dropping approximately 2500 a month into some savings vehicle for a down payment.
If anyone has an argument as to why I should just do a 5/15/80 vs. saving 20% I'm open to hear it.