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.
AAXA's Home Page and
Current Mortgage Rate 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.
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