Value of the house $700,000.$ You are using a $30-$year mortgage. Also, you are putting down $20\%.($Please show your work$)$

You have two options:

a$.$ Mortgage rate of $6\mathrm{.}5\%$ with no points.

b$.$ Mortgage rate of $6\mathrm{.}35\%$ and $1\mathrm{.}5$ points.

Which option should you choose?