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Welcome > Resources > Mortgage Calculators > Buying Points ...

The Best Mortgage Calculators On the Web!

Please try my Java loan and mortgage calculators. They take a minute to load, but they are worth it!

Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Try each calculator with different interest rates, loan amounts, and payment schedules.

The mortgage repayment schedule and other reports are fully customizable - just for your home, your interest rate, your loan amount, your taxes, and more.

Would you like a print out, for your records and future reference? Each calculator includes a View Report button. Click it, hit print, and you have a report, customized just for you...

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.

This Financial Calculator requires a Browser with Java Support

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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First Time Buyers >Insuring Your Home

Many home buyers are concerned about whether they have an insurable interest in the property before the actual closing. The answer is an unqualified "yes". Although the buyer is not yet the recorded owner of the property, he or she has an insurable interest in the property as soon as the agreement of sale is executed by both the buyer and seller.

Should you get hazard insurance before the closing? It depends. Buyers do not usually insure a property until the title passes to them from the seller. However, it's wise to know what the agreement between you and the seller stipulates with regard to insurance.

Most agreements state that the property will be insured for a specific amount. This is very important to both parties. From the buyer's point of view, it is also critical that an adequate sum or full replacement value be stipulated. Watch out for agreements which read "as now insured". This is an all-too-common practice which usually indicates that the seller does not to want to increase inadequate insurance coverage.

	See All Tips In The "First Time Buyers" Category >
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Q	What real estate term was first used in the 19th century and means "a high-flying flag on a ship"?
A	Skyscraper was first used in the 1880s when office buildings of 10 stories or more were built in Chicago and New York.
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Ray Spitler, REALTOR®, real estate agent and broker for Saginaw, Midland and Bay City, Michigan home listings, property and land for sale - NUMBER1EXPERT(tm)

Ray Spitler, GRI, e-Pro
Keller Williams Realty
4177 Fashion Square Blvd, Suite 3
Saginaw, MI 48603
Direct: 989-737-8042
Fax: 989-393-6009
email Ray: Ray@MBShomes.com
Moving across town or across the country, call me for service you can trust. I am connected with many networks across the country to help you with your move. Serving: Saginaw Township, Saginaw County, Thomas Township, Tittabawassee Township, Freeland, Midland, Auburn, Kochville, Zilwaukee, Carrollton, Shields, Swan Creek, Williams Township, Midland Township, Frankenlust, Hemlock, Merrill, Bay City, Bay County, Midland County, Monitor Township, Bangor Township, Mills Township, Larking Township, Kawkawlin, Reese, Bridgeport, Frankenmuth

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