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JAVA MORTGAGE CALCULATORS


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.

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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.




School Reports in Bridgewater, Basking Ridge and Somerset County, New Jersey
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Real Estate Tips
First Time Buyers >More Down Payment Help

One of the most common deterrents to first-time home buyers is the lack of a down payment. However, the home loan industry has practically re-created itself in the last ten years, making it easier than ever to obtain a mortgage, and new mortgage programs are always cropping up.

Some states sponsor loan programs that allow buyers to purchase a home without putting any money down. A parent or other relative can guarantee repayment of ten percent of the loan if the buyer defaults. The only cash needed is for the closing costs, which typically run about three percent of the loan. Parents can also give their children down payment help through a personal note or second trust deed. The terms can be set up for monthly payments or annual payments amortized over a period of time. You could pay the interest only, and have the payoff due when the property is sold.

With so many alternatives, doesn't it make sense to call your real estate agent for a free consultation? You may be closer to home ownership than you think.

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Real Estate Trivia
Q 
Where is the world's oldest castle located?

A 
The castle at Gomdan, Yemon, dating from before A.D. 100, is considered the oldest castle; it originally had 20 stories.
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John Bendall, REALTORŪ, real estate agent and broker for Bridgewater, Basking Ridge and Somerset County, New Jersey home listings, property and land for sale - NUMBER1EXPERT

John Bendall
RE/MAX Classic Group

Branchburg office- 3322 Rte 22 West Suite 908
Basking Ridge office- 47 S. Finley Ave
West Milford office- 1499 Union Valley Rd
Office: 908-895-1898
Fax: 908-231-7799
Email: john@bendallgroup.com

John Bendall is the owner/broker of RE/MAX Classic Group with 3 offices in New Jersey. (Branchburg, Basking Ridge and West Milford)John started Classic in November 2005 and it has grown from 6 agents to over 75 of the best agents in New Jersey. One of real estate's biggest fans, John soaks up all the knowledge he can about every facet of the industry bring his agents all the cutting edge tools to help them meet all their clients needs. Call or email today, and we will help you achieve your Real Estate goals. Performance always Outsells Promises!

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