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Homeownership is the American Dream and it is a dream that belongs to everyone. When you decide to purchase a home, you are really signing on for a long term commitment. This commitment should start even before you begin looking at properties. When looking for a home, most people have already established a certain criteria that they want in a home. Does it have a basement? How many bedrooms and bathrooms does it have? What is the square footage of the home? What condition is the house in? Does it have a big backyard in a nice neighborhood and hundreds of other important questions. Just like a home, a home mortgage loan has many different variables too. There are different types of loans, different types of interest rates as well as different lengths of loans. This information is more important than finding that perfect house, because even the most perfect home in the best location can be a homeowners nightmare if the loan terms are not right.
When you start looking for a home and shopping for a home loan, it is very important to look at the big picture. To find the best deal on your home loan you need to look at the total cost of the mortgage loan. Most mortgage calculators will tell you exactly how much your mortgage payments will be based on the loan amount, interest rate, length of the loan and the payment frequency. Although that information is important, it is very basic and it does not tell you the actual total cost of the loan. To know the actual cost of the loan, not only do you need to know the loan amount, interest rate and the length of the loan, but you must also include other fees such as points and any other closing costs fees into the calculation. Once you know this information then you will be able to compare which loan is the best deal for you.
There are a lot of different scenarios when it comes to home loans, so use our Mortgage Annual Percentage Rate (APR) Calculator below to help you calculate which loan and loan terms will be the best deal for you. This calculator will help you calculate the total cost of the loan based on the loan amount, interest rate, length of the loan, points and other closing costs to include that you provide. This calculator will also tell you how much your monthly principal and interest payment will be and the actual annual percentage rate (APR) of the loan. Feel free to check out different loan scenarios by changing the different combinations of loan variables to help ensure you get the best mortgage for you and your unique situation.
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Mortgage Annual
Percentage Rate (APR) Calculator |
| | Please enter the loan amount (e.g. 100000), the quoted interest rate (e.g. 4.50), number of points (e.g. 1), the amount of the other closing costs (e.g. 500) and the number of years that you plan to pay on the loan. |
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| * This calculator is considered reliable, but results cannot be guaranteed. |
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