Points Calculator

Check rates - Get a competitive mortgage rate quote, and save thousands.

Should you buy points? If you buy points when closing your mortgage, you can reduce its interest rate and your monthly payments. However, each "point" will cost you 1% of your mortgage balance. This calculator helps you determine whether you should pay for points or use the money for a larger down payment.

Fields are pre-filled, but not with your information. Change the values, where necessary, and click "Calculate" for results. Definitions are provided for information requested.

• 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 for this mortgage

Points rate
Annual interest rate for this mortgage any discount points.

Points
The number of discount points you need to receive the lower rate. Each point costs 1% of your mortgage amount.

Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.