Mortgage 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. 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.

This Financial Calculator requires SUN's Java Plug-in. If you see this message you will need to download SUN's Java Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing Install ActiveX Control.

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For more information these financial calculators please visit: Financial Calculators from KJE Computer Solutions, LLC

Definitions

Term: Number of years for this mortgage. Most common terms are 15 years and 30 years.
Mortgage amount: Total balance for your mortgage. This calculation assumes that the cost of buying points is financed. The loan amount with points will be higher than the loan without points by the cost of the purchased points.
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.

Interlinc Mortgage Services, LLC #205696 – Texas Department of Savings and Mortgage Lending Complaint and Recovery Fund Notice

Interlinc Mortgage Services, LLC. is licensed under the laws of the State of Texas and by state law is subject to regulatory oversight by the Department of Savings and Mortgage Lending. Complaints regarding mortgage bankers should be sent to the Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be downloaded and printed from the department's website located at http://www.sml.texas.gov or obtained from the department upon request by mail at the address above, or by telephone at its toll-free consumer hotline at 1-877-276-5555, by fax at 1-512-475-1360, or by e-mail at smlinfo@sml.texags.gov

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF MORTGAGE BANKERS . A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEB SITE AT WWW.SML.TEXAS.GOV