Mortgage Points

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Should you buy points? Buying points when you close your mortgage can reduce its interest rate, which in turn reduces your monthly payment. But each "point" will cost you 1% of your mortgage balance. This calculator helps you determine if you should pay for points, or use the money to increase your down payment. Click on the "View Report" button to review your information.

Mortgage Points Calculator Mortgage Points Calculator Results TITLE_MESSAGE**GRAPH**

RESULTS_MESSAGE This assumes that you stay in your home for YEARS_IN_HOME years without refinancing your mortgage.

Loan with Points Summary TermTERM Loan amount*LOAN_AMOUNT Monthly paymentPOINTS_MONTHLY_PI Interest rateDISCOUNT_POINTS_RATE Discount pointsDISCOUNT_POINTS_PERCENT Discount points costDISCOUNT_POINTS_AMT Total payments (principal & interest)POINTS_TOTAL_OF_PAYMENTS after YEARS_IN_HOME years Loan balance at move outPOINTS_BALANCE_AT_MOVEOUT after YEARS_IN_HOME years

Loan without Points Summary TermTERM Loan amount*DOWNPAYMENT_LOAN_AMOUNT Monthly paymentDOWNPAYMENT_MONTHLY_PI Interest rateINTEREST_RATE Total payments (principal & interest)DOWNPAYMENT_TOTAL_OF_PAYMENTS after YEARS_IN_HOME years Loan balance at move outDOWNPAYMENT_BALANCE_AT_MOVEOUT after YEARS_IN_HOME years

*This calculation assumes that the cost of buying points is financed. The loan amount with points will be higher than the loan without points by the cost of the purchased points.

Payment schedule **REPEATING GROUP**

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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document.write(showbuttons()) Definitions

Term

Number of years for this mortgage. Most common terms are 15 years and 30 years.

Mortgage amount

Total balance for your mortgage. This calculation assumes that the cost of buying points is financed. The loan amount with points will be higher than the loan without points by the cost of the purchased points.

Interest rate

Annual interest rate for this mortgage without purchasing any discount points.

Years in home

The number of years you expect to live in this home or the number of years before you refinance your mortgage.

Principal and interest

Monthly principal and interest (PI) for this mortgage.

Points rate

Annual interest rate for this mortgage with discount points.

Points

The number of discount points you need to receive the lower rate. Each point costs 1% of your mortgage amount.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.