08-23-2007, 05:46 AM | #10 | |
Senior Member
Join Date: Jan 2006
Location: Utah
Posts: 5,741
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Quote:
200,000 loan amount, at an interest rate of 6.5%, closing costs at 3% so you pay 6000 in closing costs and your payment is 1264.16. If you pay 1 point and buy down the rate to 6% it looks like this: 200,000 loan amount, interest rate of 6%, closing costs at 3% plus additional 2,000 for 1 point. Your payment is: 1167.15 a month. So to make it simple you save 100 a month, in 20 months you recoup your original 2k, and over the next 28 years you will save yourself: $33,600.
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