In this question you will calculate the breakeven point for the purchase of one point on the following loan:

Option 1: Loan amount: $300,000

• Interest rate on a 30-year fixed loan with zero points: 3%
• Monthly mortgage payment: $1,264.81

Option 2: Loan amount: $300,000

• Interest rate on a 30-year fixed loan with one point: 2.75%
• Monthly mortgage payment: $1,224.72

To purchase the point you will pay $3,000.

How long until you break-even on the point?

Give your answer in months and round up to the next month.