A Higher Closing Cost loan has higher closing costs, but normally a slightly lower rate. In the long term, this type of loan can save you money if you keep it past the Break-Even Point.
Mortgage Balance after closing costs
Difference in Closing Costs:
With - , your mortgage balance after closing costs is - than - .
By paying – more, it will take - to pay back the - difference in closing costs between the two options.
Tax Benefit : Your tax writeoff will be larger with the higher rate option.
Notes : For use with fixed rate loans, does not include PMI, taxes, or other fees. Meant for general illustration purposes, and is not a quote. Contact us today to get a full comparison based on your situation.