Tyrone is considering a purchase of a $145,000 home at 5.75%. under this rate, his mortgage payment would be $846.18. if he purchases a point, his new mortgage payment is $834.70. how many months would it take him to break-even on the points purchase?

Step-by-step explanation:

Answer is 127 -apex

The answer is d. 127 months

Step-by-step explanation:

Mortgage loan amount is the amount you wish to borrow for your home mortgage.

To calculate how many months would it take him to break-even on the points purchase you must:

-You know the amount of your monthly payment at the interest rate to be charged if Tyrone does not buy points: $ 846.18

-You know the amount of your monthly payment at the lowest rate if Tyrone pays points: $ 834.70

-Subtract the lower payment from the higher payment to find the amount saved each month:  $846.18 - $834.7 = $11.48

- The cost of each point is equal to one percent of the loan amount. So, for a $145,000 loan, one discount point equals $1,450. Taking this into account, finally, you divide that amount charged for points at closing ($1,450) by the monthly amount saved. The result is the number of months you must keep the loan to break-even on paying points.

(approximately )

This means that 127 months would it take him to break-even on the points purchase

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step-by-step explanation:

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