1425 Clarkview Road
Suite 700
Baltimore, MD 21209

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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.

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Buyers Remorse >Buyers Remorse

If you are like most buyers who sign a purchase agreement on a new home, you will almost certainly feel a wave of overwhelming anxiety. You may begin to question your judgement -- did I pay too much? Is it the right home? Can I really afford the mortgage payments? How can I get out of it? This response--referred to as "Buyer's Remorse"--is completely normal!

Call your friends who have owned a home for a few years if you experience an attack of buyer's remorse. Are they bothered by rapidly escalating home prices? Probably not, because that means the value of their home is increasing. Did they feel anxious when they first signed the agreement? They may tell you that they felt just as anxious as you are feeling, but now are really glad that they went through with the purchase. Have they made improvements to the property that heightened their enjoyment of the home? They will probably say they much prefer the creative freedom of being a homeowner compared with having to ask the landlord's permission to put in a garden or paint the living room.

When you experience a buyer's panic attack, be strong -- you have a great deal to gain!

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Q	What land did the U.S. Government buy for $7.2 million?
A	The U.S. bought all of Russian America (Alaska) from the Russian Czar in March 1867.
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Corey Campbell and Nicholas Kellar, REALTOR®, real estate agent and broker for Owings Mills, Reisterstown and Westminster, Maryland home listings, property and land for sale - NUMBER1EXPERT

Corey Campbell and Nicholas Kellar
Yerman, Witman, Gaines & Conklin Realty
1425 Clarkview Road, Suite 700
Baltimore, MD 21209
Corey Cell: 410-236-1339
Nicholas Cell: 443-375-2224
Corey's Direct line: 443-798-7856
Nicholas Direct line: 443-798-7858
Fax: 410-583-0222
Email: CKG@YWGCRealty.com
As a team, we deliver a positive, high energy, and hard work ethic to our clients! It's a given that we will provide the highest level of service and loyalty, while using our knowledge of the industry, market, and area to help meet your goals! While putting your needs first, we continually strive towards earning your trust and business in building a longstanding relationship! We value the significance that a real estate transition is in one's life. That being said, we will practice empathy and patience in guiding your best interests from contract to settlement!

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