Interest Rate vs. APR — What’s really in each? Interest Rate • The cost of borrowing the money • Based on market conditions, loan type, credit, and risk • Used to calculate your monthly principal & interest payment • Does NOT include lender fees or closing costs APR (Annual Percentage Rate) • The true yearly cost of the loan • Includes the interest rate plus: – Origination fees – Lender & processing fees – Discount points (if paid) • Usually higher than the interest rate 👉 Interest rate = month
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Interest Rate vs. APR — What’s the REAL Difference? This question comes up all the time, and honestly it’s one of the most misunderstood parts of borrowing money. In this quick conversation, I ask a simple question and Margie (Signing Home Loans) breaks it down in a way that actually makes sense. Interest Rate is the cost of borrowing money. This is what your monthly payment is primarily based on. APR (Annual Percentage Rate) is the true cost of the loan. APR includes interest plus certain upfro
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