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Annual Percentage Rate Calculator:How to Use Annual Percentage Rate CalculatorAPR - The annual percentage rate (APR) which takes into account the interest rate, points and mortgage insurance. Loan Balance - The initial loan amount you wish to finance. Interest Rate - The stated interest rate on the loan. Period - This is the length of the loan, which you can specify in years or months. Points - The points specified in the mortgage program. If you are borrowing $100,000 and you have been quoted 2 points, then you will pay $2,000 in Points when you close the loan. This can be paid in cash at closing or can sometimes be added onto the loan. Mortgage Ins - The total cost of mortgage insurance, or the sum of all your monthly insurance payments. Mortgage insurance is almost never found with private mortgages. In our view it is a type of "hidden" extra interest rate. You pay it for putting down a small down payment, which increases the lenders risk. Recent legislation requires that the lender cancels mortgage insurance after your loan balance has reached a certain level. |
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