Smart planning, big savings, brighter future.
Sarah and Tom, with $120,000 saved, were unsure if using a portion of their savings to buy down their 30-year fixed-rate mortgage with points was the best financial decision. They worried about depleting their down payment fund and impacting their emergency savings while trying to minimize long-term interest expenses.
Using Golden Door Asset's Mortgage Points Calculator, the Millers determined that purchasing 2 points at $1,500 each (totaling $3,000) would lower their interest rate from 6.5% to 6.25%. The calculator revealed a break-even point of 4 years. Because they planned to stay in the house longer than that, it was financially advantageous. Further, the Tax Equivalent Yield calculator showed them how the mortgage interest deduction would offset the cost further.
The Mortgage Points Calculator accurately computed the break-even point by factoring in the loan amount, interest rates, points cost, and tax implications. This was paired with Tax Equivalent Yield to give them a comprehensive picture of the benefit.
$7,500 in interest savings over the first five years, plus a reduction in their monthly mortgage payment, improving their cash flow and increasing their savings capacity.
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