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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.
Terms
Number of years for this mortgage. Most common terms are 15
years and 30 years.
Mortgage Amount
Total balance for your mortgage.
Intrest 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.
Principle 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.