This mortgage APR calculator uses the same standard formula mortgage lenders use to calculate interest rates and fees into one single rate. Once you know how to use an APR calculator, they can prove invaluable and save you thousands of dollars. They allow you to compare different mortgage quotes and find out which one is the best deal. After you press "compute" you will be given the sum of the interest rate and other fees into one single APR. This is beneficial when comparing different mortgage rates from lenders. Please keep in mind that just because this calculator spreads the costs over the life of the loan, doesn't mean the actual closing costs will be spread out. Most homeowners never end up keeping the property for the life of the loan. Usually the mortgage quote with fewer up front fees is going to be the better deal.

Please remember that this mortgage APR calculator can only be used to compare identical mortgage loans. You cannot compare a 15 year fixed rate mortgage against a 30 year adjustable rate mortgage.

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