What is the value of the required buy down account

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You have been relocated from Cleveland to San Francisco to begin your new career in finance. The relocation company offers you 3-2-1 Buy Down Financing. The primary home you find has a value of $729,000. You have a 8% down payment on a 30-year Fixed Rate Mortgage, Monthly Payments, 3.875% Interest Rate. Property Taxes are 110 Mills with 75 Effective Mills. Fees for this loan are $3250 and it cost 1 point to get the loan rate down to 3.875%, both were paid up front. What is the value of the required buy down account?

Reference no: EM131045055

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