Paying points question

[John Pruner]

Hi,

I'm not sure if this is the correct sub-forum for this question, but can someone give me some advice about whether to pay points?

The loan would be $42,750 for 15 or 30 yr fixed. Assume my marginal tax bracket is 28% and I could earn say 6% on money I don't spend on points. Assume annual taxes $500, annual insurance $700 if that matters (a calculator asked me for these #'s I suppose to calc total monthly cost)

Rates:

30 yr, .125 pts, 4.375%

30 yr, 2.5 pts, 4%

15 yr .5 pts, 3.5%

15 yr 1 pts, 3.375%

Knowing the break-even point would be nice.

I tried to use a calculator that I googled but it's showing me different results than it did a week ago so I'm not sure whether to trust it (or maybe my inputs were wrong the first time - not sure). So I'm looking for a 2nd opinion. The first time that I ran the numbers for a 30 yr the calculator told me break even was about 9 years on the higher points, lower interest rate option - but this time it told me 30 years so I'm not sure which is correct.

Thanks