The Loan Comparison Advisor calculator will tell you in plain English whether is costs less to finance a loan at 8.75% with 2.5 points or one at 8.5% with 3 points. The answer to this question depends upon how long you plan to pay on the loan (are you going to sell the property before the loan is paid off?) and how the points are collected (up front or amortized?). Various interest compounding and payment frequencies are also taken into account. The Loan Comparison Advisor will consider these issues when it compares loans.
Download a trial of SolveIT! or AmortizeIT! to try this calculator.
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