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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. However, each "point" will cost you 1% of your mortgage balance. This calculator helps determine if you should pay for points or use the money to increase your down payment.

Definitions
Mortgage amount
Total balance for your mortgage. This calculation assumes that the cost of buying points is financed.
Term in years
The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
Points
The number of discount points you need to pay in order to receive the lower rate. Each point costs 1% of your mortgage amount.
Points rate
Annual interest rate for this mortgage with discount 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 expect to refinance your mortgage.
Principal and interest
Monthly principal and interest (PI) for this mortgage.

This calculator is for illustrative purposes only. The information shown is designed to provide basic information about mortgage financing. Please consult with your tax advisor to determine the tax impact of home ownership and interest deductibility for your individual circumstances.
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