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Mortgage Points

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 Results



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

Loan with Points Summary
Loan amount*LOAN_AMOUNT
Monthly paymentPOINTS_MONTHLY_PI
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
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

Payment schedule



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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.

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

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