Financial Clarity, Tangible Results for Families
With $2.1M in retirement accounts and three kids aged 8-15, the Johnsons were feeling the pressure of simultaneously funding college and retirement. They were considering refinancing their home and were presented with the option to purchase mortgage points, but they were unsure if it was the right financial decision, considering the upfront cost versus long-term savings.
Using the Mortgage Points Calculator, we determined the break-even point for purchasing points on their potential refinance. This analysis revealed that purchasing 1 point for $5,000 would save them $35,000 over the life of the loan, making it a worthwhile investment. We also used the Tax Equivalent Yield calculator to assess the benefits of tax-advantaged college savings plans versus taxable investment accounts.
The Mortgage Points Calculator was integrated into the client portal, allowing the advisor to quickly input loan details and present a clear, data-driven recommendation. The Tax Equivalent Yield calculator was used to compare different college savings options.
$35,000 in savings over the life of the mortgage, plus optimized college savings plan contributions.
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