What is The Real APR for That Loan?

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Loan Information
Home Value : ($)
Interest Rate : (%)
Length : (Yrs)
Down Payment :
Additional Information
Points : (%)
Origination Fees : (%)
Closing Costs : ($)
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Financial Analysis (Switch to Plain English)
Down Payment : $30,000.00
Amount Financed : $270,000.00
Monthly Principal & Interests : $1,597.15
Points Value : $2,700.00
Origination Fees $0.00
Total Closing Costs $3,900.00
Actual APR 6.010%
Plain English Help (Switch to Financial Analysis)

Did you know that the advertised APR and the APR you really pay on a loan isn�t necessarily the same? It�s true! By the time you include other factors such as closing costs, your APR will not be exactly what you thought it was.

If you purchase a home valued at $300,000.00 and take out a 30 year loan with a 5.875% interest rate, you will actually be paying 6.010% if you make a $30,000.00 down payment. This figure is computed after factoring in the closing costs and the points, assuming you purchase one point with the loan you take out.
DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.