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APR (Annual Percentage Rate) is the true annual cost of borrowing — it includes the interest rate plus all fees and charges expressed as a yearly percentage. Unlike the stated interest rate, APR lets you compare loans on an apples-to-apples basis.
Przewodnik krok po kroku
- 1APR includes: interest rate + origination fees + broker fees + mortgage points
- 2APR = (fees + total interest) / (loan amount × loan term in years) × 100
- 3A loan with a lower rate but high fees can have a higher APR than a higher-rate loan with no fees
- 4Use APR when comparing loans; use interest rate to calculate monthly payments
Rozwiązane przykłady
Wejście
$200,000 loan, 6.5% rate, $4,000 fees, 30 years
Wynik
APR ≈ 6.72%
Fees add ~0.22% to effective rate
Wejście
$200,000, 6.8% rate, $0 fees, 30 years
Wynik
APR = 6.80%
No-fee loan may cost more overall
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