The simple interest rate only accounts for the interest that your lender charges on the loan, and doesn’t include additional fees. The Annual Percentage Rate (APR) includes your annualized interest rate, plus whatever additional fees are attached to your loan. APR takes into account compound interest, amortization rates, and fees.
Interest rate vs. APR The interest rate is the cost of borrowing the principal loan amount. The rate can be variable or fixed, but it’s always expressed as a percentage.
Mortgage Rates Second Mortgage For example, if you have a first mortgage for 80 percent of your home’s value and a second mortgage for 10 percent of the home’s value, the CLTV is 90 percent. Financing a larger portion of your home’s value leads to higher interest rates, as the risk of default and foreclosure increases.
Most car loan contracts list two rates, your APR and your interest rate. APR (or annual percentage rate) is the higher of the two rates and reflects your total cost of financing your vehicle per year including fees and interest accrued to the day of your first payment (APRs are useful for comparing loan offers from different lenders because they reflect the total cost of financing)
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When looking at APR vs. interest rate, at its simplest, the interest rate reflects the current cost of borrowing expressed as a percentage rate. The interest rate does not reflect fees or any other charges you may need to pay for the loan. The APR, also expressed as a percentage rate, provides a more complete picture by taking the interest rate as a starting point and accounting for lender fees and other charges required to finance the mortgage loan.
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 points will cut the rate by 0.50%.
When it comes to credit cards, "interest rate" and "APR" are used interchangeably, with APR being the more common term of the two. Unlike the APR on home loans that takes into account interest rates and fees, a credit card’s APR simply refers to the amount of interest charged on unpaid balances across a year’s time.
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Interest rate vs. APR. The interest rate is the cost of borrowing the principal loan amount. The rate can be variable or fixed, but it’s always expressed as a percentage.