Mortgage Points Calculator
Mortgage Points Calculator Definitions:
Original Interest Rate: The annual interest rate given BEFORE any discount points are applied.
Interest Rate With Discount Points: The annual interest rate given WITH discount points applied.
Discount Points: The number of discount points required to receive the "Interest Rate With Discount Points" percentage rate
Total Home Mortgage Amount: The total dollar amount borrowed for this loan, or principal amount.
Term of the Loan: Total number of years in which this mortgage will be paid. Typically 15, 20 or 30 years.
Original Rate - Monthly Payment: This is your monthly mortgage payment rate BEFORE any discount points are applied.
With Discount Points - Monthly Payment: This is your monthly mortgage payment AFTER discount points are applied.
Monthly Payment Savings: This is the monthly dollar amount you will save on mortgage payments using discount points vs. no discount points.
Recoup time of cost of Discount Points: This is how long in months it will take to recoup the cost of the discount points paid initially.
*Please note this calculator is to be used as a point of reference only, calculations should be confirmed with your mortgage broker before signing any agreements. Calculations do not include property taxes, mortgage insurance, or other costs associated with your mortgage.
MBS RECAP: Living Up To Every Bit Of The Hype - Posted To: MBS CommentaryBlack Friday is billed as the lightest day of the year for bonds, and today did not disappoint. Fannie 3.5s drifted sideways in a 2 tick range (narrowest of the year) and 10yr...
Judicial Foreclosure Process Hurting More Than Helping - Posted To: MND NewsWireWe noted a few months ago that Freddie Mac's monthly Insights and Outlook had changed in both format and publication schedule and credited those changes to its new chief economi...
Baby Boomers Control Housing Market Fate - Posted To: MND NewsWireSince demographics, Freddie Mac says, drive the housing market, the company's economists focused part of its November Insights and Outlooks on the over age 55 population of home...