Our APR calculator is designed to provide you with a more accurate measure of the cost of a mortgage loan when you make the monthly payments as contracted. So, what is APR? APR is the acronym for annual percentage rate. The APR takes into account the real costs of a mortgage by adding the fees associated with closing your loan into the actual interest rate you'll pay. Examples of the fees included in calculating the APR on a loan include:
- Discount Point (also known as point)
- Loan Origination Fee
- Mortgage Broker Fee
- Mortgage Insurance Costs
- Prepaid Mortgage Interest
- Document Preparation Fees
- Tax Service
In order to calculate the most accurate APR, you basically need to strip out all of the third party costs and include all of the actual lender fees into the calculation. Done right, our APR calculator will allow you to accurately and effectively compare loan offers on what any specific loan offering is going to cost you in real money over the life of the fully amortized mortgage.
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