Mortgage Calculator

Excel APR Version is On Sale - ONLY $5!

We know this java calculator (below) does not load in most browsers (if it does, great!). We apologize. The switch to Sun Microsystems JAVA for web browsers prevents this great tool from loading.

To make up for this, we here at the Financial Police® decided to sell the original, more powerful Excel version (click for more info), for a measly $5 bucks! It has been $19 for a couple of years. Honestly, take a look at the FREE trial version, or the Excel version info page, and decide for yourself. It includes an estimated APR calculator as well...

annual income % of annual income down payment interest rate & APR term of loan title insurance property taxes home owners ins. mortgage insurance assoc. & condo fees discount points origination fees other closing costs utilities maintenance additional payment other monthly debt

Java not supported. Please try Excel version.

Interest rate and APR %

This input is the current "market rate,"  "stated rate, " or "nominal rate of interest." This market rate does not reflect the true cost of borrowing like the APR % is supposed too. Please use our Excel version for this calculation and read the comments below.

Remarks

The stated rate, or nominal rate, differs from the APR %. The stated interest rate does not include any costs associated with the loan, the Annual Percentage Rate does. It is important to distinguish between the two. A few facts about APR % should help.

Why the Financial Police® calculator?

Lenders quote the Annual Percentage Rate, (within 3 days) to provide a more truthful insight of the interest rate you are paying. The APR %, as calculated under the Truth-and-Lending Act, combines the interest rate (stated rate or nominal rate) with other costs of the loan into a single figure. This number is supposed to reflect the true cost of borrowing and provide a standardized yardstick by which to compare financing from different sources. Keep in mind that APR % may be calculated slightly different at each lender. The Financial Police® follow the rules for this complex calculation.

Adjustable Rate Mortgage APR

With this Excel tool (please visit the ARM home page) Professionals may now easily calculate, quote and explain their results, for an ARM APR, with confidence. Showing Customers how this difficult calculation is done will separate you from other lenders.

Interest Only ARM & Fixed Rate

Please note we have recently introduced an Interest Only Calculator for an ARM or fixed rate interest only loan. The payment streams and the APR are detailed in a gorgeous report.

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