- about |
- blog |
- news
- apply today
Should I Pay Points to Reduce My Payment?
A "Point" is simply pre-paid interest equal to 1% of a mortgage loan amount. If you decide to pay interest upfront on a mortgage, lenders will allow you to pay a lower interest-rate, and therefore a lower payment, over the term of the loan. It's a "you can pay me now, and then pay me less later", type of scenario. You can pay multiple points or you can pay fractional points. The decision really comes down to money and time. How much money will it cost me in points to achieve a certain reduction in payment? And, how long will it take for me to save enough to offset the extra cost? Our calculator can help make this decision much easier.
Points Calculator
Rate This Calculator:
(5 - Based on 1 votes)
Purchasing or refinancing a house is one of the biggest decisions you can make and it is important to arm yourself with as much information as possible.
Call a Total Mortgage expert now at 877-868-2503 to find out how we can customize a mortgage loan with some of the lowest current mortgage rates for you.
Lock Your Lowest Rate
Call 877-868-2503 or fill out
this form now!
