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.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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Have your housing needs expanded along with your income? Are you are thinking about selling your property and looking for a new home? The transition can be accomplished smoothly by using a systematic approach.
As part of your selling strategy, it is advantageous to have your present house under contract before you begin a serious search for a new home. This will make you attractive to sellers in two ways. You won't have to include a contingency in your offer to cover the sale of your present home. You will strengthen your negotiating position by improving your financial circumstance with an accepted offer. In a situation where there are multiple offers on the new home, the chances of your offer being accepted are better if it isn't dependent on selling another house before you can make a move.
A contingency is a specified event that must take place before a home purchase contract is binding; for example, a sale can be said to be "contingent upon the sale of the buyer's current residence."
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