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.

Loan and Points information:

Loan amount:
   
Term 
$
Rate
  %
Points
 
Years in Home
   %
Monthly Payment
 
Fee paid for Points
 

Loan WITHOUT Points

 
Amount:
$
Rate
$
Payment
$
Payment Difference
$
Savings with point
$
You'll have this much extra