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The annual percentage rate (APR) is defined as an annualized cost of credit. When it comes to mortgage financing, the APR is the actual rate of interest paid by the borrower including upfront costs such as points, closing costs, and prepaid interest. By law, a mortgage lender must disclose the APR to borrowers when quoting the interest rate. Because the APR includes other costs besides the actual amount of the mortgage, it is higher than the interest rate that is used to calculate monthly mortgage payments.
The APR calculator for adjustable rate mortgages will help you to determine the annual percentage rate (APR) that you will be charged for an adjustable mortgage. This calculator will also help you to calculate what the expected mortgage payment will be based on your expected rate adjustment when your mortgage rate adjusts.
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Adjustable-rate mortgages (ARMs) that are fully amortizing have a maximum interest rate which they cannot exceed. They are therefore different from standard ARMs, where the rate is fully adjustable according to the index rate at the time. ARMs are described by writing how long the rate is fixed for, and how often it will adjust for the remainder of the term. For example, a 10/1 ARM would be fixed for 10 years, and adjust every 1 year from that point onward.