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Level 1
posted Feb 6, 2021 12:56:52 PM

amortize points when refinanced twice

I refinance my original mortgage in 2015 and payed points (amortized over 30 yr term) and then I refinanced again in 2020 (same lender).  The 2020 refinance occurred on the last day of November.  How do I account for the remaining points from my 2015 refinance with the 2020 refinance in turbotax? What do I enter for loan start date, length of loan, and dollar amount of points paid? 

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1 Replies
Level 15
Feb 6, 2021 1:14:37 PM

Because you refinanced with the same lender, you add all of the remaining unused points from the refinanced loan plus any new points you paid on the refinance, and amortize the total over the life of the new loan.