Use this loan calculator to determine the actual or Annual Percentage Rate (APR) for your home mortgage loan. Press the report button for a full amortization schedule, either by year or by month. Check out today's mortgage rates before utilizing loan calculator to determine monthly payment scenarios. Also, you must ask your lender about all fees and costs associated with a particular loan program to determine the APR. Make sure you obtain a written good faith estimate of the the interest rate, points, and closing costs and don't be afraid to ask your loan officer questions if you do not understand any of the fees. This will help circumvent any surprises at the closing table.
| 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. |
| Interest rate | Annual interest rate for this 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. |
| 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. |
| 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. |
| Discount points | Total number of "points" purchased to reduce your mortgage's interest rate. Each "point" costs 1% of you loan amount. |
| Other fees | 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. |