Discount points are not the rest of closing costs
Points buy a rate. Title, origination, and prepaid items still show up on a Loan Estimate.
Jordan Hale
Personal finance editor
A discount point is usually 1% of the loan amount paid to lower the note rate. It is optional on many quotes.
Closing costs also include origination, title, recording, and prepaid taxes or insurance. A P&I calculator leaves those lines out on purpose.
Use the Loan Estimate from a lender, not a national average, if you need a cash-to-close figure.
Estimates and articles on DontPanic are for general information only. They are not financial, legal, or tax advice, and they are not an offer to buy or sell any product.
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