You have been relocated from cleveland to san francisco to


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?

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Financial Management: You have been relocated from cleveland to san francisco to
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