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Points Calculator
Should you buy points? Buying points when you close your mortgage can reduce its interest rate, which in turn reduces your monthly payment. However, each "point" will cost you 1% of your mortgage balance. This calculator helps determine if you should pay for points or use the money to increase your down payment.

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Definitions
TermThe number of years for this mortgage. The most common terms are 30 years and 15 years.
Mortgage amountThe total balance for your mortgage.
Interest rateThe 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 interestYour monthly principal and interest for this mortgage.
Points The number of discount points you need to receive the lower rate.

This calculator is for illustrative purposes only. The information shown is designed to provide basic information about mortgage financing. Please consult with your tax advisor to determine the tax impact of home ownership and interest deductibility for your individual circumstances.


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