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Should I pay points for a lower rate?

Paying points for a lower interest rate is a trade off between paying money now versus paying money later. A point - equaling 1% of the total loan amount - is an upfront fee that reduces your monthly interest rate and total interest due over the life of a loan.

Use our calculator to figure out the cost and effective savings of loan points, as well as the minimum amount of time it will take to recover your loan points. The savings rate is used to calculate the amount of interest you could earn if you took the dollar amount of points and placed it into a savings account as an investment.

 Loan Information
  Zip Code 
  Loan Amount ($) 
  Loan Term (Years) 
  Rate without Points 
  Rate with Points
  
Loan Points
 
  Savings Rate (%) 
    
 
  

The results displayed above are only estimates and cannot be used to determine actual loan costs or be used as a guarantee. Please consult your tax advisor for information on the deductibility of interest for tax purposes. Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.
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     facebook  
Questions about mortgages?

Feel free to call us at 800-481-2956 or fill out our quick contact form

Check out our reputation and what people think of us at http://www.lendingtree.com/lender-reviews/patriot-financial-inc-18155/ 
Please also look up our lender reviews at
http://www.zillow.com/profile/Matt-Hess/
Member Accredited of the BBB

 

Copyright © Patriot Financial. NMLS #1642 www.nmlsconsumeraccess.org | Where we lend | Privacy | Terms of Use | Login

 

Copyright © Patriot Financial. NMLS #1642 www.nmlsconsumeraccess.org | Where we lend | Privacy | Terms of Use | Login