Equal monthly payments include both principal and interest and are amortized over term shown. The APR is the cost of a mortgage stated as a yearly effective interest rate. Some of the costs that you pay at closing are factored into the annual percentage rate for ease of comparison. It usually includes such items as interest, mortgage insurance, and any loan origination fees and points. Another component of the cost of most mortgages are points .
Points are a one-time fee that a borrower pays to lower the interest rate.
To determine if it is wise to pay discount points to obtain a lower rate, you must compare the up front cost of the points to the monthly savings that result from obtaining the lower rate. Our latest interest rates and yields for all Butte Community Bank interest-earning products. Copyright 2000-2001 Butte Community Bank. All rights reserved. Equal Housing Lender.