Smarter decisions for a brighter financial future.
Dr. Garcia, a single mother and dental practice owner, was considering refinancing her home to lower her monthly payments. The lender offered the option to buy down the interest rate with mortgage points, but she wasn't sure if the upfront cost justified the long-term savings given her practice valuation and other investment considerations.
Using Golden Door Asset's Mortgage Points Calculator, we determined that buying 1.5 points at a cost of $7,500 would only break even after 7 years, exceeding her anticipated ownership timeline. We advised her to forgo the points, saving her $7,500 upfront. Coupling this with a times interest earned ratio calculation, we optimized her practice debt service.
The Mortgage Points Calculator helped determine the break-even point by comparing the upfront cost of points to the monthly savings over the expected loan term. The Times Interest Earned Ratio Calculator showed Maria's debt capacity to the dental practice.
$7,500 upfront savings on mortgage points; optimized practice debt service.
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