Nash County Home With 4.37 Acres!

What is Your APR?

Definitions

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

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 your 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.