{"id":41344,"date":"2020-05-19T13:29:23","date_gmt":"2020-05-19T21:29:23","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=41344"},"modified":"2023-03-21T10:24:31","modified_gmt":"2023-03-21T17:24:31","slug":"mortgage-apr-how-does-it-affect-your-homes-cost","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-apr\/","title":{"rendered":"Mortgage APR: How Does It Affect Your Home\u2019s Cost?"},"content":{"rendered":"<p>After you apply for a mortgage, you\u2019ll see something called APR (or annual percentage rate) listed on your loan estimate. This number measures the costs you can expect to pay for the loan expressed as a yearly percentage rate. Because it reflects total costs \u2014 and not just interest paid \u2014 APR is a good way to compare mortgage offers from different lenders.<\/p>\n<p><b>Here\u2019s what you should know about mortgage APR:<\/b><\/p>\n<ul>\n<li><a href=\"#what-is-included-in-apr\">What is included in APR?<\/a><\/li>\n<li><a href=\"#difference-between-mortgage-apr-and-interest-rate\">What is the difference between mortgage APR and interest rate?<\/a><\/li>\n<li><a href=\"#how-does-apr-affect-your-mortgage\">How does APR affect your mortgage?<\/a><\/li>\n<li><a href=\"#how-to-compare-loan-offers-by-mortgage-apr\">How to compare loan offers by mortgage APR<\/a><\/li>\n<li><a href=\"#dont-be-afraid-to-ask-your-lender-questions\">Don\u2019t be afraid to ask your lender questions<\/a><\/li>\n<\/ul>\n<p><a name=\"what-is-included-in-apr\"><\/a><\/p>\n<h2>What is included in APR?<\/h2>\n<p>Your APR includes all the interest, fees, and other charges you can expect to pay for a <a href=\"https:\/\/www.credible.com\/mortgage\">home loan<\/a> and converts them all into a single annual rate. You can expect the APR to include:<\/p>\n<ul>\n<li>Interest<\/li>\n<li>Lender fees<\/li>\n<li>Mortgage broker fees<\/li>\n<li>Points<\/li>\n<li>Closing costs<\/li>\n<li>Mortgage insurance<\/li>\n<\/ul>\n<p><a name=\"difference-between-mortgage-apr-and-interest-rate\"><\/a><\/p>\n<h2>What is the difference between mortgage APR and interest rate?<\/h2>\n<p>Since APR and interest rates are both expressed as percentages, it can be easy to confuse the two \u2014 particularly if you\u2019re a first-time homebuyer. They aren\u2019t one and the same, though.<\/p>\n<p>Here\u2019s a quick look at how the two numbers differ from each other:<\/p>\n<ul>\n<li><b>Interest rate:<\/b> Also commonly called the \u201c<a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-rate\/\">mortgage rate<\/a>,\u201d this is how much interest you\u2019ll pay to borrow the money, as a percentage of the total loan amount.<\/li>\n<li><b>APR:<\/b> This reflects the annualized cost to take out your loan and includes interest, fees, points, mortgage insurance, and more.<\/li>\n<\/ul>\n<p>A loan\u2019s APR is typically higher than its interest rate since the APR includes the interest paid plus other fees and charges. Both numbers are useful, though.<\/p>\n<p>Generally, if your goal is to have the absolute lowest monthly payment, comparing loan options by interest rate is your best bet. If you know you\u2019ll be in the home a while and want to save more in total long-term costs, though, your APR is the best way to gauge your savings.<\/p>\n<p><b><i>Learn More: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/apr-vs-interest-rate\/\">APR vs. Interest Rate: Understanding the Difference<\/a><\/i><\/b><\/p>\n<p><a name=\"how-does-apr-affect-your-mortgage\"><\/a><\/p>\n<h2>How does APR affect your mortgage?<\/h2>\n<p>Your APR can give you insight into how much you\u2019ll pay for your mortgage in total over the course of your loan\u2019s term. If you have a 30-year loan, for example, it reflects the annualized total cost of the loan, as if you were paying all costs over the full 30 years.<\/p>\n<p>APR is influenced by many factors, like your:<\/p>\n<ul>\n<li>Credit score<\/li>\n<li>Debt-to-income ratio<\/li>\n<li><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-much-down-payment\/\">Down payment<\/a><\/li>\n<li>Lender<\/li>\n<\/ul>\n<p>Use our monthly mortgage payment calculator below to see how your interest rate affects your monthly payment.<\/p>\n<div class=\"calculator loan\">\n<div class=\"inputs container\">\n\n\t<p>Enter your loan information<span class=\"hidden-md-up\"> to calculate how much you could pay<\/span><\/p>\n\n  <div class=\"row form-groups\">\n  <div class=\"col-xs-8 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-amount\">Loan amount<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the total amount borrowed<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-amount\">\n  \t\t\t<span class=\"input-group-addon\">$<\/span>\n  \t\t\t<input type=\"number\" value=\"250000\" step=\"1000\" name=\"loan-amount\" id=\"loan-amount\" aria-label=\"Loan amount\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t<\/span>\n    <\/div>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"interest-rate\">Interest rate<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter your annual interest rate<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group interest-rate\">\n  \t\t\t<input type=\"number\" value=\"6\" step=\".01\" min=\".01\" max=\"100\" name=\"interest-rate\" id=\"interest-rate\" aria-label=\"Interest rate\" class=\"form-control\">\n  \t\t\t<span class=\"input-group-addon\">%<\/span>\n  \t\t<\/span>\n    <\/div>\n\t\t<span class=\"between\">or<\/span>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-term\">Fixed loan term<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the amount of time you have to repay your loan<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-term\">\n  \t\t\t<input name=\"loan-term\" value=\"30\" step=\"1\" min=\"1\" max=\"50\" id=\"loan-term\" aria-label=\"Loan term\" type=\"number\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t\t<span class=\"input-group-addon\">years<\/span>\n  \t\t<\/span>\n    <\/div>\n\t<\/div>\n\t<\/div>\n\n<\/div>\n<div class=\"outputs container\">\n\n  <div class=\"results row\">\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Payment\n  \t<big>$<span class=\"total-payment\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Interest\n  \t<big>$<span class=\"total-interest\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-12 col-sm-4 col-md-12 col-lg-4\">\n  \tMonthly Payment\n  \t<big>$<span class=\"monthly-payment\"><\/span><\/big>\n  <\/div>\n  <\/div>\n\n  <p class=\"results-sentence\">\n    With a\n    <strong>$<span class=\"output-loan-amount\"><\/span><\/strong>\n    home    loan, you will pay\n    <strong>$<span class=\"monthly-payment\"><\/span><\/strong>\n    monthly and a total of\n    <strong>$<span class=\"total-interest\"><\/span><\/strong>\n    in interest over the life of your loan. You will pay a total of\n    <strong>$<span class=\"total-payment\"><\/span><\/strong>\n    over the life of the\n    mortgage.\n  <\/p>\n\n  \n  <div class=\"cta\">\n    \n  <\/div>\n\n<\/div>\n<\/div>\n\n<p>Generally, the higher your credit score, the lower you can expect your interest rate to be (and thus, the lower your APR will be, too). Higher credit scores indicate a lower-risk borrower, which allows a lender to offer more favorable terms, including <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-get-the-best-mortgage-rate\/\">lower interest rates<\/a> and APRs. Lower credit scores will often result in the opposite.<\/p>\n<p><b><i>Find Out: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-buy-a-house\/\"><b><i>How to Buy a House<\/i><\/b><\/a><\/p>\n<p><a name=\"how-to-compare-loan-offers-by-mortgage-apr\"><\/a><\/p>\n<h2>How to compare loan offers by mortgage APR<\/h2>\n<p>APRs vary from lender to lender and loan to loan. For this reason, it\u2019s critical you compare several options before deciding which mortgage to move forward with.<\/p>\n<p>Let\u2019s look at how two loan offers with different APRs might measure up. The below scenarios are both for $250,000 home loans with 30-year terms and assume you will make fully amortizing payments for the full 30-year term of the loan.<\/p>\n\n<table id=\"tablepress-298\" class=\"tablepress tablepress-id-298 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles tbody-has-connected-cells\">\n<thead>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><th class=\"column-2\"><strong>Loan 1<\/strong><\/th><th class=\"column-3\"><strong>Loan 2<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><strong>APR<\/strong><\/td><td class=\"column-2\">4.0%<\/td><td class=\"column-3\">4.5%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><strong>Monthly payment<\/strong><\/td><td class=\"column-2\">$1,193.54<\/td><td class=\"column-3\">$1,266.71<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><strong>Total interest paid<\/strong><\/td><td class=\"column-2\">$179,673.77<\/td><td class=\"column-3\">$206,016.78<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td colspan=\"3\" class=\"column-1\"><small><em><strong>Note:<\/strong> All numbers here are for demonstrative purposes only and do not represent an advertisement for available terms.<\/em><\/small><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p>On the loan with the higher APR (Loan 2), you\u2019ll pay only slightly more per month, but in the long run, you\u2019ll pay more than $26,000 in additional interest to pay the loan off over 30 years. This is why it\u2019s critical to factor in APR when comparing your mortgage offers \u2014 especially if you know you\u2019ll be in the home for the long haul.<\/p>\n<p>Again, be sure to consider as many lenders as possible to find the right mortgage for you. With Credible, you can compare your rates from our partner lenders in the table below in three minutes.<\/p>\n<div id=\"purchase-rate-table\">\n  Loading widget - purchase-rate-table\n<\/div>\n\n<p><a name=\"dont-be-afraid-to-ask-your-lender-questions\"><\/a><\/p>\n<h2>Don\u2019t be afraid to ask your lender questions<\/h2>\n<p>When you apply for a home purchase mortgage (or a <a href=\"https:\/\/www.credible.com\/mortgage-refinance\">mortgage refinance<\/a>), the lender will give you what\u2019s called a loan estimate. This will detail the APR, interest rate, closing costs, and other fees you\u2019ll pay in the transaction.<\/p>\n<p>Make sure you ask your lender about anything you\u2019re unsure about \u2014 including the APR. It\u2019s important you have a good handle on all the different fees and <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/cost-to-buy-house\/\">costs to buy a house<\/a> you can expect, so you can properly compare options and choose the best deal for your budget.<\/p>\n<p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3><span style=\"font-size: x-large;\"><strong>Credible makes finding a mortgage easy<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\">Compare prequalified mortgage rates from top lenders in just 3 minutes.<\/h6>\n<ul class=\"list--iconArrow accent--isGreen list--iconCheckmarkSolidCircle\">\n<li>Personalized rates, not generic<\/li>\n<li>One simple, safe TLS-encrypted form<\/li>\n<li>No spam calls from lenders<\/li>\n<li>Checking rates is free, with no commitment<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-box-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><br \/>\n<!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>After you apply for a mortgage, you\u2019ll see something called APR (or annual percentage rate) listed on your loan estimate. This number measures the costs you can expect to pay for the loan expressed as&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-apr\/\">Continue reading<\/a><\/p>\n","protected":false},"author":101,"featured_media":41348,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1463],"tags":[1534,1524,1521],"class_list":["post-41344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-home-loans-101","tag-mortgage-purchase","tag-mortgage-rates-sidebar","mortgage-apr-how-does-it-affect-your-homes-cost","post_tag-home-loans-101","post_tag-mortgage-purchase","post_tag-mortgage-rates-sidebar"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mortgage APR: How Does It Affect Your Home\u2019s Cost?<\/title>\n<meta name=\"description\" content=\"It\u2019s important to compare APRs when considering your mortgage options. 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