Mortgage Points Calculator

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.

This Financial Calculator requires SUN's Java Plug-in. If you see this message you will need to download SUN's Java Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing Install ActiveX Control.

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For more information about this Plug-in please visit: SUN's Java Plug-in
For more information these financial calculators please visit: Financial Calculators from KJE Computer Solutions, LLC

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.

We lend in 47 States

Sam Cowen, NMLS ID#: 176693
Branch Manager, Lending in 47 States
2007 N Collins Blvd Ste 403 Richardson, TX 75080
Email: 888@MrLoanBiz.Com Web: www.MrLoanBiz.Com
Toll Free: (888)MR-LOAN-BIZ (888) 675-6262 Toll Free Fax: 866-908-2611

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Please note that the information above is not intended to be any decision of, or commitment to, any loan type or amount of loan for which one may qualify with any financial institution. The information is not intended to extend any legal, tax, or financial advice. The accuracy of the information contained in this advertisement is not guaranteed. Please consult a loan professional to learn more about your eligibility for and availability of a particular loan product.