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use. Similarly, points that had been deducted over the life home interest rate refinancing the loan would be deductible in the year that the underlying mortgage is paid off, with one exception: In a refinance, points paid must be deducted over the life of the new loan, while points paid on the purchase of a principal residence can be deducted upfront. Fixed rate mortgage calculations This is a detailed description applicable to US fixed rate mortgages. First the nomenclature: I - The stated interest home interest rate refinancing for example, 5%/year. This is home interest rate refinancing the APR (annualized percentage rate). m - The number of periods in the time frame of I. I is usually based on a year but it could be based on any amount of time. i - The interest rate for the compounding period which is needed for the calculation. For example, a real property mortgage is usually based on a monthly period. In this case i=I/12 where I is based on the home interest rate refinancing yearly period. In general i=I/m. Also I needs to be a decimal not a percent thus it also needs to be divided home interest rate refinancing 100. n - The total number of periods or payments. Things like mortgages usually cover multiple years. B - The balance, for example,