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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.

Loan and Points Information
Amount:
Term:
Points rate:
Discount points:
Years in home:
 
Loan without Points
Interest rate:
 
Show amortization schedule by: Year Month

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.

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