Welcome > Resources > Mortgage Calculators > Buying Points ...

Will Buying Points Save You Money?

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.

"A model of how the Internet can facilitate the process of deciding where to send your children to school" - America's Best School Profiles by The Heritage Foundation Washington Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.   Schools in Seattle, Tacoma and Western Washington

Home Inspections >Inspection Repairs When you sell a house, the buyers will probably have a home inspection before they sign a contract to purchase the home. The inspector may turn up something that needs attention or repair, and after the inspection, the buyers may produce a list of items they want repaired as a condition for moving forward on the sale. When you get the buyers' list, remember that some of the items may be negotiable. Sales contracts usually require that all the systems be in working condition. Some buyers may make requests that go beyond the normal obligations of the seller. They may ask for a new roof or certain structural repairs that you may not want to make. Your agent can help you to assess the risks of just saying "no" to buyers who are making demands you consider to be unreasonable. You may decide to decline the requests, but the buyers may also decide to back out of the deal as a result. When you agree to make repairs, hire licensed professionals who will guarantee their work, and give copies of the reports to the buyers. Arrange to have the repairs made as far ahead of time to avoid last-minute complications which could compromise the transaction. See All Tips In The "Home Inspections" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

Q  In what movie did a cute extra-terrestrial take refuge in a California home on a cul-de-sac with a mountain peak towering behind it? A  Steven Spielberg's 1982 classic "E.T." was filmed in a real house on Lonzo Street, Tujunga, northeast of the San Fernando Valley. See More Real Estate Trivia >

Michael Hellickson Hellickson Real Estate Team PO Box 7617 Bonney Lake, WA 98391 Direct: 206-300-1000 Main: 206-300-1000 tara@hellickson.com www.TheHellicksonTeam.com is brought to you by The Hellickson Real Estate Team NUMBER1EXPERT™ in real estate for Seattle, Tacoma and Western Washington, Washington Read The Hellickson Real Estate Team's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

NUMBER1EXPERT®
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.