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Use this calculator to determine
the Annual Percentage Rate (APR) for
your mortgage. Press the report
button for a full amortization
schedule, either by year or by
month.
Definitions
-
Annual Percentage
Rate (APR)
-
A standard calculation
used by lenders. It is
designed to help
borrowers compare
different loan options.
For example, a loan with
a lower stated interest
rate may be a bad value
if its fees are too
high. Likewise, a loan
with a higher stated
rate with very low fees
could be an exceptional
value. APR calculations
incorporate these fees
into a single rate. You
can then compare loans
with different fees,
rates or different
terms.
-
Mortgage amount
-
Original or expected
balance for your
mortgage.
-
Interest rate
-
Annual interest rate for
this mortgage.
-
Term in years
-
The number of years over
which you will repay
this loan. The most
common mortgage terms
are 15 years and 30
years.
-
Monthly payment
-
Monthly principal and
interest payment (PI).
-
Total payments
-
Total of all monthly
payments over the full
term of the mortgage.
This total payment
amount assumes that
there are no prepayments
of principal.
-
Total interest
-
Total of all interest
paid over the full term
of the mortgage. This
total interest amount
assumes that there are
no prepayments of
principal.
-
Loan origination
percent
-
The percent of your loan
charged as a loan
origination fee. For
example, a 1% fee on a
$120,000 loan would cost
$1,200.
-
Discount points
-
Total number of "points"
purchased to reduce your
mortgage's interest
rate. Each "point" costs
1% of your loan amount.
-
Other fees
-
Any other fees that
should be included in
the APR calculation.
These fees can vary by
lender, but at a minimum
usually includes prepaid
interest.
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