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Using the Loan Savings Calculator from myFICO, you can compare the interest rates, monthly payment, and total interest cost of a mortgage based on your state and mortgage size. We used this tool to.
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Lenders charge interest on a mortgage as a cost of lending you money. Your mortgage interest rate determines the amount of interest you pay, along with the principal, or loan balance, for the term.
One of the most nerve-wracking aspects of getting a mortgage is locking in your interest rate. What if rates fall after you lock? What if you don’t lock, and then rates rise? Can you get a do.
While an annual percentage rate accounts for the various costs of getting a mortgage, an interest rate is simply the amount a lender charges you to finance the purchase of your home. It’s expressed as a percentage of your loan amount but it doesn’t include any of the fees and points that are part of an APR calculation.
Keep in mind that if you are planning to stay put and pay off your mortgage then you can lower your rate simply by pre-paying. By making modest additional payments every month that go directly to principal you can take years off the length of the mortgage and pay much less interest over the life of the loan.
A note about mortgage points: One way to get the best mortgage rates is to pay "points," or upfront interest paid to the bank that secures a lower long-term interest rate on your home loan. One point generally costs 1% of the total loan amount, so paying 1 point on a $200,000 mortgage would add $2,000 in upfront costs.