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

The Best Mortgage Calculators On the Web!

Please try our 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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About Appraisals >Professional Appraisals

Before your mortgage application is approved, the lender will order a professional appraisal of the home to make sure that the agreed-upon selling price is justifiable based on the current market value of the property. The cost of the appraisal will be based on the complexity of the appraisal report and the time required to complete it.

A professional appraiser will choose the appraisal technique that is applicable to the particular property to arrive at an unbiased opinion of value. One approach is to look at comparable homes in the area that have sold within the last six months. If there are a number of similar properties that have sold recently, the appraiser's job is easy. It is more complicated to arrive at the appraised value if your home is located in a rural area or a diverse neighborhood.

The appraised value will usually be very close to the sale price. If the appraisal comes in lower, the real estate agent may be able to provide the appraisers with additional information on recent sales which will result in increased value.

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Q	What is the earliest residential building that remains in Manhattan?
A	Fraunces Tavern, built in 1719, is where George Washington delivered his Farewell Address to his officers in 1783.
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Spencer Marker, REALTOR®, real estate agents and broker for Centreville, Chantilly and Fairfax County Virginia home listings, property and land for sale - NUMBER1EXPERT(tm)

Spencer Marker
Long and Foster Real Estate
6134 Redwood Sq Center, Suite 102
Centerville, VA 20121
Direct: 703-830-6123
Toll-Free: 800-682-0917
Email: Spencer@SELN4U.com
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