What Is Difference Between Interest Rate And Apr

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Two numbers that are important to pay attention to when obtaining a mortgage are the advertised interest rate and the APR (annual percentage rate). While these terms may sound the same, the difference between APR and interest rate needs to be fully understood to find a mortgage that will work best and cost the least.

The APR is a calculated rate that not only includes the interest rate but also takes into account other lender fees required to finance the loan. The idea behind APR is to help consumers understand the tradeoffs between interest rate and the fees paid at closing.

Key Differences Between Interest Rate and APR. The difference between interest rate and APR are drawn clearly on the following grounds: The interest rate is described as the rate at which interest is charged by the lenders on the loan given to the borrowers. APR or Annual Percentage Rate is the per year total cost of borrowing.

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.

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The APR takes those into account, so a mortgage with an interest rate of, say, 6% might actually cost you something like 6.15% a year. With credit cards, though, the APR is just interest.

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What’s the Difference Between APR and Interest Rate? Both the APR and the interest rate reflect the cost of a loan, but one is narrower in scope than the other. The interest rate only indicates the basic cost of borrowing money. In contrast, the APR tells you the cost of borrowing and the additional fees that come with a loan.

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