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You have been relocated from Cleveland to New York to begin your new career in finance.The relocation company offers you 3-2-1 Buydown Financing.The primary home

You have been relocated from Cleveland to New York to begin your new career in finance.The relocation company offers you 3-2-1 Buydown Financing.The primary home you find has a value of $675,000.You have a 20% down payment on a 30-year Fixed Rate Mortgage, Monthly Payments, 4.375% Interest Rate.Property Taxes are 110 Mills with 80 Effective Mills.Fees for this loan are $3375 and it cost 1 point to get the loan rate down to 4.375%, both were paid up front.What is the value of the required buy down account?

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