You are looking to take out a 300K USD mortgage for 30 years. After shopping around, you have two offers on the table:

Bank 1: 2.92% interest rate, up front fees of 4,068 USD

Bank 2: 3.45% interest rate, up front fees of 3,073 USD

Notice the tradeoff between the rate and the fees: you can pay a higher up front fee in exchange for a lower interest rate.

How long (at a minimum) must you anticipate staying in this house, in order for the loan from Bank 1 to be better for you? Enter answer in months, to two decimal places.

Hint: to make this ballpark estimate, ignore time value of money for simplicity. Find the difference between the monthly payments for the two mortgages. See how long it takes to 'make up' for the extra up front fee on the lower-rate loan.

Bonus thinking question: which of the two loans do you think you would prefer?