Retirement dreams, realized with smart financing.
The O'Briens were unsure if paying for mortgage points on their Florida condo would be a worthwhile investment. They needed a clear understanding of the break-even point and the long-term financial implications, especially considering their fixed retirement income and desire to minimize expenses for travel and healthcare.
Using the Mortgage Points Calculator, we determined that paying $5,000 for two points would lower their interest rate and result in a break-even point of 7 years. Given their plan to own the condo for at least 10 years, the points purchase made financial sense, saving them approximately $17,000 in interest payments over the life of the mortgage. Further analysis with the Tax Equivalent Yield Calculator showed how the mortgage interest deduction would further improve their after-tax savings.
The Mortgage Points Calculator was used with the principal amount, interest rate, points cost, and monthly payment amounts entered. The Tax Equivalent Yield Calculator was used to factor in their estimated tax bracket.
$17,000 in interest savings over the life of the mortgage.
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