New Loan Mortgage, Inc.

Intrest Rate

Type	Rate	Points	APR

Conforming 30 yr fixed
	6.5 -	0.00 -	6.637

Conforming 15 yr fixed
	5.875 -	0.00 -	6.102

Conforming 5/1 ARM
	6.25 -	0.00 -	6.38

Conforming 7/1 ARM
	6.375 -	0.00 -	6.421

Jumbo 30 yr fixed
	6.5 -	0.000 -	6.61

Jumbo 15 yr fixed
	6.00 -	0.000 -	6.103

Annual Percentage Rate Calculator

Which loan is cheaper: 8% at 1 point or 7.75% at 2 points. By comparing the APRs of different loans, you can compare the effective cost of a loan for given period of time

Enter Loan Balance:
Enter Interest Rate:
Enter the Period:
Enter the Points:
Enter Mortgage Ins:

YOUR APR WOULD BE :

Definitions :

Loan Balance - The initial loan amount you wish to finance.

Interest Rate - The stated interest rate on the loan.

Period - This is the length of the loan, which you can specify in years or months.

Points - The points specified in the mortgage program. If you are borrowing $100,000 and you have been quoted 2 points, then you will pay $2,000 in Points when you close the loan. This can be paid in cash at closing or can sometimes be added onto the loan.

Mortgage Ins - The total cost of mortgage insurance, or the sum of all your monthly insurance payments. Mortgage insurance is almost never found with private mortgages. In our view it is a type of "hidden" extra interest rate. You pay it for putting down a small down payment, which increases the lenders risk. Recent legislation requires that the lender cancels mortgage insurance after your loan balance has reached a certain level.

APR - The annual percentage rate (APR) which takes into account the interest rate, points and mortgage insurance.