Mortgage APR Calculator
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.
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Current Mortgage Rate Information
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.
- 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.
- Interest rate
- Annual interest rate for this mortgage.
- 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.
- Points paid
- Total number of "points" purchased to reduce your mortgage's
interest rate. Each "point" costs 1% of your loan amount.
- Other fees to include
-
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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