Simply knowing the difference between an interest rate and an annual percentage rate (APR), which rolls up all the costs of .. The APR is a broader measure of the cost of a mortgage because it includes the interest rate plus other costs such as broker fees, discount points and some closing costs, expressed as a percentage.
Comparing the annual percentage rate (APR) and interest rate on competing loans helps you understand the true cost of the loans and make a wise decision. Learn more on the differences between.
Now that the difference between APR and interest rate is clear, consider how these numbers play into mortgage amounts. For example, say you take out a $400,000 loan over a 30-year period. You have a fixed interest rate of 5%. Without taking APR into account, your monthly payment will be approximately $1,167 per month and your total cost will be $420,120. However, additional fees amount to $5,000.
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Compare interest rate to interest rate and APR to APR. That’s your best way to get an accurate, apples-to-apples comparison. And keep in mind that of the two rates, the APR is the more comprehensive one, since it’s a broader measure: It reflects the interest rate and other fees that you’ll end up paying.
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An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money, also expressed as a percentage rate. In general, the APR reflects not only the interest rate but also any points, mortgage broker fees, and other charges that you pay to get the loan.
The difference between the interest rate and APR is simple, says Bryan Sherman, a consumer lending executive with Bank of America. The interest rate represents the yearly cost you pay to borrow the money in your mortgage loan.
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The difference Between APR and Interest Rate is simple. APR is the true cost of the loan, while the interest rate is just the amount of interest you’ll pay. The chart below is from BankRate it shows the total costs and APR over the life of a $200,000 mortgage loan. 1.5 discount points are used and cut the rate by 0.25% and added another 1.5.