You need a loan of $$$$130,000$ to buy a home. Calculate your monthly payments and total closing costs for each choice below. Briefly discuss how you would decide between the two choices.

Choice$1$: $30-$year fixed rate at $7\%$ with closing costs of $$$$2100$ and no points.

Choice$2$: $30-$year fixed rate at $6\mathrm{.}5\%$ with closing costs of $$$$2100$ and $3$ points.