{"id":1829,"date":"2014-02-15T10:20:16","date_gmt":"2014-02-15T17:20:16","guid":{"rendered":"https:\/\/homebuyinginstitute.com\/mortgage\/?p=1829"},"modified":"2025-03-02T09:07:34","modified_gmt":"2025-03-02T16:07:34","slug":"how-to-calculate-discount-points","status":"publish","type":"post","link":"https:\/\/homebuyinginstitute.com\/mortgage\/how-to-calculate-discount-points\/","title":{"rendered":"How to Calculate the Break-Even Point for Mortgage Discount Points"},"content":{"rendered":"\n<p>Mortgage discount points allow home buyers to secure a lower interest rate by paying more money up front. But this strategy only makes sense if you keep the loan long enough to reach the break-even point.<\/p>\n\n\n\n<p class=\"has-text-color has-background has-link-color wp-elements-9c5a24b574615f10654c493436b9bfb6\" style=\"color:#303030;background-color:#f7f7f7\"><strong>Here are 5 things you need to know about this subject:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Discount points give you a way to reduce the interest rate on your home loan.<\/li>\n\n\n\n<li>One point equals 1% of the loan amount and typically lowers the rate by 0.25%.<\/li>\n\n\n\n<li>Borrowers need to determine whether or not it makes sense to pay them.<\/li>\n\n\n\n<li>You need to consider the monthly savings and how long you plan to keep the loan.<\/li>\n\n\n\n<li>Calculate the break-even by dividing the <em>cost<\/em> of points by the monthly <em>savings<\/em>.<\/li>\n<\/ol>\n\n\n\n<p>That&#8217;s the short version. Now, let&#8217;s take a closer look at how to calculate the break-even point.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A Crash Course in Mortgage Discount Points<\/h2>\n\n\n\n<p>Before we go any further, we should cover some important definitions. The rest of this article will make a lot more sense, once you understand the following concepts.<\/p>\n\n\n\n<p class=\"has-text-color has-background has-link-color wp-elements-becbbf31c8a316f695a728e6849208d6\" style=\"color:#303030;background-color:#f7f7f7\"><strong>Mortgage discount point:<\/strong> A fee paid by a borrower to a lender in order to reduce the interest rate on a home loan. One point equals 1% of the loan amount.<\/p>\n\n\n\n<p class=\"has-text-color has-background has-link-color wp-elements-a2b6428025c5cfa275ea6e8b1c5a2a10\" style=\"color:#303030;background-color:#f7f7f7\"><strong>Break-even point:<\/strong> The length of time it takes for the savings from a lower interest rate to equal the cost of paying discount points.<\/p>\n\n\n\n<p>These two concepts go hand-in-hand&#8230;<\/p>\n\n\n\n<p>To determine if it makes sense to use mortgage discount points, you have to know how long it will take you to break even. If you were to sell the home <em>before<\/em> that time, you would end up losing money. So there wouldn&#8217;t be any benefit.<\/p>\n\n\n\n<p>On the other hand, if you stay in the home and keep the mortgage loan beyond the break-even, your accumulated savings will begin to surpass the extra amount paid upfront. In this scenario, you would clearly benefit by using the strategy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to Calculate the &#8216;Break-Even&#8217; Point<\/h2>\n\n\n\n<p>Getting back to the question at hand: How do you calculate the break-even point, when using mortgage discount points to secure a lower rate?<\/p>\n\n\n\n<p>Calculating the break-even point requires some simple division.<\/p>\n\n\n\n<p class=\"has-text-color has-background has-link-color wp-elements-9c108035d65aa12cfd1bc76f3594b348\" style=\"color:#303030;background-color:#f7f7f7\">To do the math, you need to have two important numbers:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cost:<\/strong> How much the lender is going to charge for the discount points.<\/li>\n\n\n\n<li><strong>Savings:<\/strong> How much you will save each month due to the lower interest rate.<\/li>\n<\/ul>\n\n\n\n<p>Once you have these two figures, you can determine how many months it will take to reach the break-even point. You&#8217;ll then understand whether or not it makes sense to pursue this strategy in the first place.<\/p>\n\n\n\n<p>Remember, paying for discount points doesn&#8217;t work in <em>every<\/em> lending situation.<\/p>\n\n\n\n<p>If a borrower only plans to stay in a home for a few years, this strategy could bring more disadvantages than advantages. It might end up <em>costing<\/em> you money over the long term &#8212; rather than <em>saving<\/em> you money. That&#8217;s why it&#8217;s so important to calculate the break-even point.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Two Things You Need to Know<\/h2>\n\n\n\n<p>To recap, you&#8217;ll need two important numbers to determine whether or not it makes sense to &#8220;buy down&#8221; your mortgage rate with discount points:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>How much the lender is going to charge you for the point(s)<\/li>\n\n\n\n<li>How much you&#8217;ll save each month by securing a lower rate<\/li>\n<\/ol>\n\n\n\n<p>Once you have these two pieces of the puzzle, you can calculate the length of time it will take to &#8220;break even&#8221; and begin to accumulate savings.<\/p>\n\n\n\n<p>You do this by dividing the cost of the points by the monthly savings. The resulting number will show the <strong>number of months<\/strong> you would have to keep the loan in order to reach the break-even.<\/p>\n\n\n\n<p>Here&#8217;s what that formula looks like in mathematical terms:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/homebuyinginstitute.com\/mortgage\/wp-content\/uploads\/2014\/02\/break-even-calculation.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"139\" src=\"https:\/\/homebuyinginstitute.com\/mortgage\/wp-content\/uploads\/2014\/02\/break-even-calculation-1024x139.png\" alt=\"\" class=\"wp-image-6289\" srcset=\"https:\/\/homebuyinginstitute.com\/mortgage\/wp-content\/uploads\/2014\/02\/break-even-calculation-1024x139.png 1024w, https:\/\/homebuyinginstitute.com\/mortgage\/wp-content\/uploads\/2014\/02\/break-even-calculation-300x41.png 300w, https:\/\/homebuyinginstitute.com\/mortgage\/wp-content\/uploads\/2014\/02\/break-even-calculation-768x104.png 768w, https:\/\/homebuyinginstitute.com\/mortgage\/wp-content\/uploads\/2014\/02\/break-even-calculation.png 1486w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>One point equals 1% of the loan amount. For instance, paying one discount point on a $300,000 mortgage loan means you&#8217;ll pay an extra $3,000 at closing (300,000 x .01 = 3,000). This part is standard across the industry. It does not vary.<\/p>\n\n\n\n<p>The amount you save each month will depend on how much the lender reduces the interest rate. And this is something that <em>can<\/em> vary from one lender to the next. There is no industry-wide standard.<\/p>\n\n\n\n<p>Generally speaking, one discount point will reduce the mortgage rate by <strong>0.25%<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">An Example Calculation<\/h2>\n\n\n\n<p>Let&#8217;s assume you&#8217;re purchasing a home for $350,000. Here&#8217;s an example of how to calculate the break-even point for paying discount points:<\/p>\n\n\n\n<p class=\"has-background\" style=\"background-color:#f7f7f7\">Your lender offers you two options for your home loan:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Option 1:<\/strong> A 30-year fixed mortgage with an interest rate of 4.5% and no discount points.<\/li>\n\n\n\n<li><strong>Option 2:<\/strong> A 30-year fixed mortgage with an interest rate of 4% and 2 discount points, which cost $7,000 (2% of the loan amount).<\/li>\n<\/ul>\n\n\n\n<p>If you choose Option 2, your monthly payment would be lower. But you would have to pay $7,000 upfront for the discount points, in order to get a lower rate and reduce your monthly payments.<\/p>\n\n\n\n<p>To calculate the break-even point, you need to determine how long it will take for the monthly savings from Option 2 to surpass the upfront cost of the discount points.<\/p>\n\n\n\n<p class=\"has-background\" style=\"background-color:#f7f7f7\">Here&#8217;s what the math would look like:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Option 1:<\/strong> Monthly payment of $1,773.40<\/li>\n\n\n\n<li><strong>Option 2:<\/strong> Monthly payment of $1,670.16<\/li>\n\n\n\n<li><strong>Monthly savings:<\/strong> $1,773.40 &#8211; $1,670.16 = $103.24<\/li>\n\n\n\n<li><strong>Break-even point:<\/strong> $7,000 \u00f7 $103.24 = 67.81 months.<\/li>\n<\/ul>\n\n\n\n<p>In this example, it would take about 68 months (or 5 years and 8 months) for the monthly savings from paying discount points to offset the upfront cost associated with them.<\/p>\n\n\n\n<p>If you plan on staying in the home for, say, six years or longer, paying discount points could be a good financial decision.<\/p>\n\n\n\n<p>However, if you plan on selling the home <em>before<\/em> that break-even point, you wouldn&#8217;t recoup the upfront cost of the points &#8212; and wouldn&#8217;t realize any savings.<\/p>\n\n\n\n<p>A good loan officer will be happy to provide you with different scenarios. They can show you how much you will save by paying half a point, a full point, etc. They can also explain how long you would have to keep the loan in order to reach the break-even point, based on each individual scenario.<\/p>\n\n\n\n<p>That&#8217;s the kind of information you need to make an informed borrowing decision!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage discount points allow home buyers to secure a lower interest rate by paying more money up front. But this strategy only makes sense if you keep the loan long enough to reach the break-even point. Here are 5 things you need to know about this subject: That&#8217;s the short version. Now, let&#8217;s take a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1829","post","type-post","status-publish","format-standard","hentry","category-home-loan-basics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Calculating the Break-Even Point for Mortgage Discount Points<\/title>\n<meta name=\"description\" content=\"In this article, you&#039;ll learn how to calculate the break-even when paying mortgage discount points to reduce your interest rate.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/homebuyinginstitute.com\/mortgage\/how-to-calculate-discount-points\/\" \/>\n<meta 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