{ "media_type": "text", "post_content": "Pros/cons to paying points to lower my interest rate? I'm trying to decide if I should stick with 2.75% rate with no points paid, or pay $3,000 to lower rate to 2%. 15 yr fixed refinance, $103k amount.", "post_id": "61044f7b10cfcf001c34385a", "reply_count": 5, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Pros/cons to paying points to lower my interest rate? I'm trying to decide if I should stick with 2.75% rate with no points paid, or pay $3,000 to lower rate to 2%. 15 yr fixed refinance, $103k amount.

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Do the math in excel on total outlay and make decision? Also depends on how much cash on hand you have

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Excel has a Loan Amortization sheet. Do a comparison for both of them and see if it makes sense for you or not. DM if u need that, I had done a 3 rate comparison n took a decision.

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It’ll take you ~4-5 years to earn back in saved interest the 3k fee you’re going to pay? For me that’s too long

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+1 to MCK1 said. I paid 2k to bring the rate down and for me the 2k pays off in 4 years (on a 30 yr mortgage) - so for me it made sense.

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