Do you intend to find out the APR or Annual Percentage Rate for your home mortgage loan? Use this calculator to easily discover the yearly rate supported by yearly and monthly amortization schedule reports.
Original value of the mortgage. Interest expense can be deducted from this mortgage amount up to $1,000,000 for the first and second mortgages. This amount is half if you are married but filing separately. This calculator will count tax only if the interest paid amount exceeds the amount of $1,000,000.
Percentage rate of interest charged on this mortgage.
Term in years
The total duration of repayment. This is the number of years you will take to completely pay off the mortgage loan.
Total amount of principal and interest paid every month.
Loan origination percent
Percentage amount charged by the creditor on the mortgage amount to cover the origination expenses.
Points that can be purchased with the cost of 1% of the original loan amount. These points are tax deductible until utilized to pay broker’s commission.
Fees like prepaid expenses and other costs that was not included so far.
Annual Percentage Rate (APR)
Annual Percentage Rate or APR can translate various fees and charges of different available mortgages into a common and standard rate. No matter if there are higher rates but lower fees or lower rates but higher fees; they will be sized into common measurements. So, you can easily gauge and compare all the mortgage options you have based on one standard.