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APR Mortgage Calculator

  • Calculate Your Annual Percentage Rate (APR)
  • This lets you compare different loan offers
  • This mortgage rate calculator helps you figure out what you true mortgage costs are

 DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or
it's applicability to your financial situation.  Please consult your own financial advisor.

Annual Percentage Rate (APR) Mortgage Calculator Explained

The Annual Percentage Rate (APR) tries to reflect the true cost of a loan, not just the stated interest rate.

For example, two lenders can offer you a $200,000 loan at 6%. The loan size is identical, the interest rate is identical, and the monthly payment is identical. You might think that they cost the same. If one lender charges closing costs of $1,500 and another charges $3,000 then one loan certainly costs more than the other. The annual percentage rate (APR) will be higher for the loan with higher closing costs.

In this way you can compare the true costs of a loan, not just its stated interest rate.

In the annual percentage rate mortgage calculator above we have the following closing costs:

  • origination fees
  • points
  • prepaid interest
  • mortgage insurance premiums
  • buy down funds
  • flood check funds
  • tax service fees
  • other fees

You can use this mortgage calculator to judge what your true loan costs will be.