N
NorCalHomeFinance
Hello,
I need to know how to compute the APR for a mortgage quote using the
following data:
Rate: Say 6.75%
Term: 360 months
Loan Amount: Say $200,000
Closing Costs: Say $3,000
I'm a mortgage professional and even I get confused as to how to
compute the APR, but it's always a bit higher than the interest rate
and I believe it takes into account the closing costs.
Does anybody have the formula for this?
Thanks!
I need to know how to compute the APR for a mortgage quote using the
following data:
Rate: Say 6.75%
Term: 360 months
Loan Amount: Say $200,000
Closing Costs: Say $3,000
I'm a mortgage professional and even I get confused as to how to
compute the APR, but it's always a bit higher than the interest rate
and I believe it takes into account the closing costs.
Does anybody have the formula for this?
Thanks!