Understanding the Terms:
Interest Rate vs. APR, Monthly Payment, Cost over 0
The Interest Rate is the cost you will pay each year to borrow the money, expressed
as a percentage rate. It does not reflect fees or any other charges you may have to pay for the loan.
An Annual Percentage Rate (APR) is a broader measure of the cost to you of borrowing money, also expressed
as a percentage rate. In general the APR reflects not only the interest rate but also any points, mortgage broker fees,
and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate.
The Monthly Payment is the total of your loan amount's principal and
interest along with taxes, insurance MI/PMI, and various monthly fees, where applicable.
The "Cost Over 0" is your closing costs, mortgage insurance, and interest expense after any
tax deductions over the number of years indicated.
Reach out anytime and we'll answer any questions you may have. (404) 943-9910