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| *The Commerce Journal>>>Renting & Real Estate |
How do you calculate mortgage points? |
How do you calculate mortgage points? Everyone failed to mention the Good Faith Estimate. From the GFE you would take the loan origination amount and divide that amount in to the loan amount. This will give you the percentage amount which is 1 percent for each point. For example: The origination amount on the GFE is $8250 and your loan amount is $275,000. Divide 8250 into 275,000 and the answer is .03 which is 3 percent of one hundred. The mortgage points are 3 points. One point is 1% of your loan amount. So on a $150,000 mortgage, one point is $1500. "point" means 1 percent of the loan amount. A point is 1% of the loan's value. So if you're looking at a 100,000 dollar loan, multiply 100,000 by 0.01 and you get 1,000 dollars. a point is one percent of the loan amount. 100,000 loan = 1,000 per point how many points are you being charged |
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