Is it worth buying a point “off” my mortgage for $2k? It will reduce my monthly mortgage of $60.

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Looks like you’ve done the math. I hope you’ve shopped around for your mortgage as well.


If **you** think that you will be in the home for at least 33 months **AND** that you will not refinance again for at least 33 months, then it’s worth it to buy the point. If you buy the point now, and next year rates drop to 3.5% again and you decide to refinance, then the money you spent on the point was wasted even if you keep living in the house for years after that. It’s a subject judgment game, only you can decide what’s right for you, nobody can predict the future with any certainty.


Speculation on my end but do what you will with it. Rising rate environment that we will likely be in for the foreseeable future and the odds of you moving to another home in under 3 years is likely low? I’d personally buy the point and call it a day. I don’t think you’ll have the opportunity to refinance to a lower rate anytime too soon, so dropping the rate now seems ideal.


jesus are rates really over 5.5% already for conforming loans? insane. good luck.


i can’t speak to this american mortgage situation, but if there was a straight investment that gave me reliable $60 each month for a $2000 one time payment, i would never consider another investment ever.