We know this java calculator does not load in most browsers. We apologize. It is too costly to keep up. This is why the Excel version is priced so low at only $19.
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.
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.
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.
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.
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.
© 1999-2008 MoneyCops.com, LLC. All Rights Reserved.
Grand Rapids, Michigan.
Excel Download
Services
Contact us
Affiliate Program
Can't find it?
MoneyCops > Mortgage & APR Calculator
