The option that best suits him is 4.0% Interest Rate for 30 years with a monthly payment of $ 1,193.54 with $ 10,362 in Closing Costs.
Given that Mr. Schnee is refinancing his home, and his loan officer has presented him with two offers, to determine which offer should he take in order to maximize his benefit, the following calculation must be performed:
A) 4.5% Interest Rate for 30 years with a monthly payment of $ 1,266.71 with $ 256 Closing Costs
1,266.71 x 30 x 12 + 256 = X
1,266.71 x 360 + 256 = X
456,015.60 + 256 = X
456,271.60 = X
B)4.0% Interest Rate for 30 years with a monthly payment of $ 1,193.54 with $ 10,362 in Closing Costs
1,193.54 x 30 x 12 + 10,362 = X
1,193.54 x 360 + 10,362 = X
429,674.40 + 10,362 = X
440,036.40 = X
Therefore, the option that best suits him is 4.0% Interest Rate for 30 years with a monthly payment of $ 1,193.54 with $ 10,362 in Closing Costs.
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