Mortgage Points Calculator

Mortgage Points Calculator Results

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

Loan with Points Summary
Term	TERM
Loan amount	LOAN_AMOUNT
Monthly payment	POINTS_MONTHLY_PI
Interest rate	DISCOUNT_POINTS_RATE
Discount points	DISCOUNT_POINTS_PERCENT
Discount points cost	DISCOUNT_POINTS_AMT
Total payments	POINTS_TOTAL_OF_PAYMENTS after YEARS_IN_HOME years
Home equity at move out	POINTS_HOME_EQUITY_AT_MOVEOUT after YEARS_IN_HOME years

Loan without Points Summary

Term TERM

Loan amount DOWNPAYMENT_LOAN_AMOUNT

Monthly payment DOWNPAYMENT_MONTHLY_PI

Interest rate INTEREST_RATE

Total payments DOWNPAYMENT_TOTAL_OF_PAYMENTS after YEARS_IN_HOME years

Home equity at move out DOWNPAYMENT_HOME_EQUITY_AT_MOVEOUT after YEARS_IN_HOME years

Payment schedule

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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.

Definitions

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