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APR Calculation -- new feature


Fixed Rate effective APR Calculator is now here.
Calculate the Effective APR when financing costs, term years, mortgage insurance cost, and all other factors are considered.
Instant changes on Effective APR and Monthly Payment when Total Financing Cost and Mortgage Insurance Cost check-boxes are checked or unchecked.
When Add to Report button is clicked, one case is automatically added to the Report table. Easy to compare case by case.
Dropdown monthly payments list for Adjustable Rate.
Support printing and copy-and-paste to other Windows applications such as Excel.
Instant changes on the Amortization Table (Payment Schedule), Effective APR  and Monthly Payment when Recalc button is clicked.
Add each case to Summary, ready for comparisons.
Give you or your customers a dynamic view on the effects of financing costs, monthly mortgage insurance payment, term years, loan amount, fixed or adjustable interest rate.

Example 1:

You borrowed a loan of $120,000. The financing charge is 2 percentage points plus other costs of $2,500. The term is 30 years and the interest rate is 7.125%. The mortgage insurance cost is 0.25%. You try to take the advantage from the interest deductible for your tax. You estimated you can payoff the remaining balance at the end of 10 year period (assuming no early payments penalties). Now, what is your effective interest rate? It is not 7.125% as you expect. You want the effective interest rate as low as possible. What if another lender give you a different offer? You cannot compare solely from the interest rate. Using this professional loan calculator you will find out: What a big difference if ........


Lenders: Don't tell your potential borrowers that you use this tool. Generate a dozen scenarios as your bargain strategies. Pick the highest APR. That is your rate of return from lending money to your borrowers.
Borrowers: Use this tool to get the lowest effective APR from different offers. You need to know the balance between points and interest rate. Try to think about the advantage of early payments and the effects of the mortgage insurance payments.
Consultants: Tell your customers that you are using this software and show them your calculations from the Summary Report.