Mortgage Points Calculator
Calculate your payment and more
Buying mortgage points when you close can reduce the interest rate, which in turn reduces the monthly payment. But each point will cost 1 percent of your mortgage balance. This mortgage points calculator helps determine if you should pay for points or use the money to increase the down payment. Click on the "View Report" button to calculate the information.
Calculators provided by Bankrate.com
Buying points can save you $4,000 over 10 years.
| Mortgage with points: Press spacebar to hide inputs | Monthly payment $955 |
| Mortgage without points: Press spacebar to hide inputs | Monthly payment $993 |
Loan amount:
$196,000
| Mortgage Points Calculator Inputs Calculate totals for 10 years in home, show amortization by year Press spacebar to show inputs |
| Totals after 10 years in your home. press spacebar to hide graph |
| Principal Balance by Year press spacebar to show graph |
Definitions
- Term
- Number of years for this mortgage. Most common terms are 15 years and 30 years.
- Mortgage amount
- Total balance for your mortgage. This calculation assumes that the cost of buying points is financed. The loan amount with points will be higher than the loan without points by the cost of the purchased 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 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.