01 - Calculator
Mortgage APR Calculator
This mortgage APR calculator estimates your loan amount, your monthly payment, and the estimated annual cost of a home loan. APR (Annual Percentage Rate) reflects the cost of borrowing expressed as a yearly rate. It considers the interest rate together with applicable finance charges and lender fees, based on the loan's payment schedule, so you can compare loan offers on a like-for-like basis.
Enter your home price, down payment, loan term, interest rate, and APR-applicable loan fees below. The results update as you type. Buying at auction instead? Use the Auction Buyer's Cost Estimator further down this page to total your winning bid, buyer's premium, and closing costs.
Your Numbers
Enter your figures below to see your estimated monthly payment, loan amount, and APR.
APR is an estimate and may differ from the APR disclosed by a lender because actual finance charges and loan terms can vary.
Down Payment *
Your down payment can be entered as a dollar amount or as a percentage of the home price. The amount and the percent stay in sync automatically, so they can never conflict.
Enter lender fees and other finance charges applicable to the APR calculation. Do not include taxes, insurance, or other closing costs that are not part of the finance charge.
Principal & Interest
$--
Estimated Monthly Payment (P&I + entered tax/insurance)
$--
Estimated total monthly payment does not include HOA dues, mortgage insurance, flood insurance, or other costs unless specifically entered. Actual payment may vary.
- Taxes and Insurance
- $--
- Loan Amount
- $--
- Estimated APR
- --
For comparison purposes only; your lender's Loan Estimate or Closing Disclosure controls.
APR may be higher than the note rate because certain lender fees and finance charges are included when calculating the annual cost of borrowing.
This calculator is for estimation only and is not a loan offer or financial advice. Contact your lender for exact rates.
Understanding APR
What Is Mortgage APR?
Mortgage APR (Annual Percentage Rate) is a broader measure of the cost of borrowing than the interest rate alone. While the interest rate reflects the cost of borrowing the principal, APR also accounts for certain loan-related fees and finance charges.
Because of these additional costs, a mortgage's APR is typically higher than its stated interest rate. APR can be useful when comparing loan offers because it provides another way to evaluate the overall cost of financing, not just the advertised rate.
Not every closing cost is included in APR. Property taxes, homeowners insurance, and certain other costs generally are not part of the APR calculation. For the most accurate comparison, review the APR provided by your lender on the official Loan Estimate or Closing Disclosure.
Comparing Loan Offers
Interest Rate vs. APR: What's the Difference?
Your mortgage interest rate determines how much interest you pay on the money you borrow. APR goes a step further by incorporating the interest rate along with certain loan fees and finance charges.
For example, a mortgage might have a 6.50% interest rate but a 6.72% APR after applicable loan costs are considered. Two lenders could offer the same interest rate but different APRs because their fees are different.
When comparing mortgage offers, look at both numbers. The interest rate helps determine your monthly principal and interest payment, while APR can help you compare the broader cost of financing between loan offers.
The rates above are examples for illustration only and are not current mortgage rates or loan offers.
02 - Auction Tool
Auction Buyer's Cost Estimator
Buying at auction? Enter your winning bid, the buyer's premium percentage, and any fees or taxes due at closing. The estimator totals your buyer's premium and your full out-of-pocket purchase cost, and it can estimate a loan amount and monthly payment if you plan to finance.
Fees and Taxes Due at Closing (optional)
The amount you expect to borrow, which may be less than the total purchase cost.
The loan estimate is based on the loan amount entered above, not the total purchase cost.
Purchase Cost Breakdown
- Winning Bid
- $--
- Buyer's Premium
- Other Estimated Costs
- $--
- Transfer and Recording
- $--
- Title Fees
- $--
- Property Taxes at Closing
- $--
- Estimated Purchase Cost
- $--
- Estimated Loan Amount
- $--
- Monthly Principal and Interest
- $--
The total purchase cost is not necessarily the amount that can be financed. Buyer's premiums, closing costs, taxes, and other expenses may need to be paid separately. Loan eligibility and the amount that can be financed depend on the lender and loan program.
Estimates only. Buyer's premiums and closing costs vary by auction. Verify the exact premium and fees with the auction company before bidding.
This estimator is for estimation only and is not a loan offer or financial advice. Contact the auction company for exact premium and fee figures. If your property is in Cuyahoga County, see how much you could save on property taxes.
Example: How a Buyer's Premium Works
This example is for illustration only. Buyer's premiums and other costs vary by auction. Always review the terms and conditions for the specific auction before bidding.
FAQ
Frequently Asked Questions
What is the difference between a mortgage interest rate and APR?
Your mortgage interest rate is the percentage charged on the loan principal. APR provides a broader estimate of the annual cost of borrowing because it can include the interest rate and certain lender fees and finance charges.
What is a buyer's premium at a real estate auction?
A buyer's premium is an amount added to the winning bid to determine the purchase price. For example, with a 10% buyer's premium, a $300,000 winning bid would result in a $330,000 purchase price before other applicable costs. The buyer's premium varies by auction, so always review the specific auction terms before bidding.
Can I finance a home purchased at auction?
Financing may be available for real estate purchased at auction, but the auction terms control the required deposit, closing deadline, and other conditions. Buyers should arrange financing before bidding and confirm that their lender can meet the auction's requirements. Always review the specific terms and conditions before bidding.
Is the buyer's premium included in my mortgage?
Not necessarily. Whether a buyer's premium can be financed depends on the lender, loan program, property appraisal, and the specific auction terms. Buyers using financing should discuss the buyer's premium and total purchase price with their lender before bidding.
03 - REAL ESTATE HELP
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