James R. answered • 05/26/19

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A "point" in this context is 1 percent (%) of the amount financed. If the down payment is 20 percent (%), then the amount financed is 80 percent (%) of 240,000 or 192,000 (units are not stated, but the math is the same for any currency). Then 2 points of 192,000 is 2 percent (%) of 192,000 = 3840. If the currency is dollars, then the points paid at closing would be $3840.

James R.

05/26/19