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Consider a 15 year with the same cost @3.75% you simply can't beat the savings.
You can deduct the points in full in the year they are paid, if all the following requirements are met:
Courtesy CS Thompson Reuters
I'm with Sherrie,If it "feels" right, do it. Your LO may give you advice, if it was me, I'd tell you not the right thing to do. But, its your decision. "Please, call me back in 8 years to let me know this did end well for you."Most folks will not break-even. Something, usually happens. The best plans of mice and men, usually change. .... Best wishes, Rudi'
I agree with Paul. Why pay so many points. Already 7.5 years to break even compared to 4.875 no points. Then factor in tax deduction benefit of mortgage interest paid at the 4.875. Then factor in interest you can earn over the 7.5 years on the 5,339 that you don't spend.Your true break even will exceed 10 years with those factors. The only way it would be worth it is if you had a closing cost credit from seller/builder where you spend it or lose it. If it is your own money, consider the higher rates/lower cost. Also, consider a 15 year if the monthly is managable and you want a better rate.
hump,You speak of a 30 year fixed, si amigo? Just thinking...$197750 Loan@4.375% - $email@example.com% (no points, some other closing costs) - $1046.51/month= $59.17 difference = 90 months to straight up get that $5339 back (that's 7 1/2 Earth yrs)If you are 99.98% sure that you will never refinance or move any time soon (see above) and you have the cash to spare ? then sure why not pay 2.7 pointsLike Sherri says, find peace in the path you choose.
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