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 Mortgage Points 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.
Number of years for this mortgage. Most common terms are 15 years and 30 years.
Total balance for your mortgage.
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.
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.