You need a loan of $160,000 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: 20 -year fixed rate at 5% with closing costs of $1900 and no points.

Choice 2: 20 -year fixed rate at 4.5 % with closing costs of $1900 and 2 points