An APR stands for Annual Percentage Rate. There are two types of APRs, General APR and mortgage APR. Below given two calculators are used to calculate both the said APRs. Further detail about the APR is given below the calculators.
Modify the values and hit the calculate button to see the results.
Amount Financed: $0.00
Upfront Out-of-Pocket Fees: $0.00
Payment Every Period: $0.00
Total of Payments: $0.00
Total Interest: $0.00
All Payments and Fees: $0.00
| Beginning Balance | Interest | Principal | Ending Balance |
|---|
Loan Amount: $0.00
Down Payment: $0.00
Monthly Payment: $0.00
Total of 360 Payments: $0.00
Total Interest: $0.00
All Payments and Fees: $0.00
| Beginning Balance | Interest | Principal | Ending Balance |
|---|
The APR is known as Annual Percentage Rate. As the name suggests, it is used to calculate cost of borrowing money based on annual period and is expressed as percentage of debt amount. APR not only includes basic interest rate but also other cost associated with the loan amount such as loan fees, upfront fees, closing fees, insurance and any other cost. This helps the borrower to estimate total cost of the borrowed amount and its affordability.
There are two types of APR Calculators:-
General APR calculator.
Mortgage APR Calculator.
General APR calculator.
General APR Calculator is generally used to calculate total costs occurred on loan amount borrowed. As the mentioned above, it includes interest rate and other costs associated with it such as initial cost, closing cost, insurance etc.
Mortgage APR Calculator is used to calculate total costs occurred on Mortgage. It also implies interest rate and other costs associated with it such as initial cost, closing cost and insurance etc
Its working is quite simple. A user don't need to mess with the internal working and formulas. User required to enter values such as loan amount, loan term, interest rate, payback and what ever calculator required as mentioned in the labels on the calculator. After entering the required values, hit the calculate button to see the results. Results are shown in calculated manner as well as in charts for better representation and understanding. Amortization tables are also generated based on the values provided. These tables intially collpased. You need to click on view amortization table button to expand the table.