What's My Annual Percentage Rate (APR)?

This calculator figures the effective annual percentage rate (APR) interest rate of a mortgage when upfront loan costs are included.

Mortgage loan amount:
Quoted interest rate (%):
Mortgage loan term (# years):
Points (%):
Other closing costs to include:
Principal and interest payment:
Total of points and other closing costs:
Effective loan amount:
Monthly payment on effective loan amount:
But loan amount is really only:
Therefore, the APR is really this amount:

What's Next?

What is APR?

In strictest terms, APR is Annual Percentage Rate or the rate charged for borrowing a loan. This rate is an annual rate and represents the actual cost of the loan over its entire borrowed period. Thus, transaction fees and other additional charges associated with the loan would become a part of APR. Also, it is usually represented as a percentage. With Mortgage loans, there are many things to consider because unlike credit card loans, these loans are long term in nature. So, while making the comparison of APR in case of mortgage loans, try keeping the bigger picture in mind. Make sure you know about the charges that are included and excluded from the APR calculation. When you calculate the rate, one time charges would seem small because they would be spread out over the lifetime of the loan. But this may not be the actual situation. Thus, rates may appear less than what they actually are.