Alice is buying a house with 625K. She is making 20% deposit. And get a mortgage on the balance.A bank offers her two options. 1) 30 year term, fixed interest rate 4%.
2) Pay $10,000 upfront fee to buy down the rate. Still 30 year term, but at 3.75%
Explain your reason.

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cody665

10.12.2022

Mathematics

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Alice is buying a house with 625K. She is making 20% deposit. And get a mortgage on the balance.A bank offers her two options. 1) 30 year term, fixed interest rate 4%. 2) Pay $10,000 upfront fee to buy down the rate. Still 30 year term, but at 3.75% Explain your reason.