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Should you buy mortgage points?

Discount points

Mortgage points, also known as "discount points," are fees paid to the lender at closing in return for a reduced interest rate. As a result of buying points, your monthly mortgage payment is reduced. Each "point" costs you 1% of your mortgage loan balance. So is buying points a good idea?

Use our mortgage points calculator below to figure out whether you should buy discount points. Enter your mortgage loan information, comparing it with and without points. This can help you decide if mortgage points actually will save you money in the long run through a reduced interest rate.

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Apply for a mortgage loan with Nationwide

Now that you've determined whether or not you should buy discount points, take advantage of a home mortgage loan with Nationwide Bank®. We offer competitive interest rates for fixed, adjustable and jumbo mortgage loans. Buying points may make sense if you're selecting a fixed rate mortgage loan. Or if you're looking to refinance your loan, you can buy points to lower your refinance rate.

Mortgage points calculator terms

Nationwide Bank NMLS #769318. To verify that a mortgage company or individual is authorized to conduct business in your state, visit the NMLS Consumer Access website.

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