You need a loan of $160,000 to buy a home. Calculate yourmonthly payments and total closing costs for each choice below.
Choice 1: 30 year fixed rate at 5% with closing costs if $2300and no points.
Choice 2: 30 year fixed rate at 4.5% with closing costs of $2300and 5 points.
What is the monthly payment for choice one?
What is the monthly payment for choice two?
what is the total closing cost for choice one?
what is the total closing cost for choice two?
why might choice one be better?
why might choice two be better?
