Maya is buying a house for $250,000
$
⁢
250,000. She plans to make a 18%
18
%
down payment. Closing costs include $550
$
⁢
550
for 6
6
months of homeowners insurance, $1200
$
⁢
1200
for 6
6
months of property tax, $125
$
⁢
125
for the title fee, and $350
$
⁢
350
in transaction fees. Maya also agreed to pay four points in exchange for a 1%
1
%
reduction in interest rate. Determine the amount of money Maya needs to cover closing costs. Round your answer to the nearest cent