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What Is Your APR? ...
What Is Your APR?
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.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Martin Bouma Keller Williams Realty 564 South Main Street Ann Arbor, MI 48104 Office: 734-761-9666 Office: 734-761-3060 Toll Free: 877-761-3060 Fax: 734-761-1824 Email: MartinBouma@NUMBER1EXPERT.com
Martin Bouma has worked hard to become Keller Williams #1 agent in Washtenaw County and #11 in the nation. Because of his superior work ethic, dedication to his clients, and strong team to support him, Martin has developed a tremendous network of clients who appreciate true professionalism. His total commitment to service is second to none.
Along with over 22 years of experience in the real estate community, Martin Bouma offers his clients unique, cutting edge marketing strategies and expertise of the current marketplace. With over $50 million in sales in 2007, Martin and his team helped 210 families move into new homes.
Martin and his team are always available to provide service and guidance to his clients during the transaction and after the sale - whatever their particular real estate needs. When you are ready to buy or sell a home, call Martin Bouma, Washtenaw County's real estate professional.
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