Download Acrobat Reader 5.0 or higher to view .pdf files. Spirit of Texas Bank Menu Online Banking Toggle Search Mortgage APR Calculator Use this calculator to determine the Annual Percentage Rate (APR) for your mortgage. Press the report button for a full amortization schedule, either by year or by month. Loan APR is 4.697% *indicates required. Loan information: Press spacebar to hide inputs Mortgage amount:* Enter an amount between $0 and $250,000,000 ? $0k $200k $500k $1m Term in years:* ? 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years 11 years 12 years 13 years 14 years 15 years 16 years 17 years 18 years 19 years 20 years 21 years 22 years 23 years 24 years 25 years 30 years 35 years 40 years 1 10 19 40 Interest rate:* Enter an amount between 0% and 50% ? 0% 3% 6% 10% Monthly payment: ? $1,266.71 Report amortization: Annually Monthly Closing Costs: $5,800.00 Press spacebar to show inputs Loan APR 4.697% Total Payments $456,018 Total Interest $206,018 press spacebar to hide graph Principal Balance by Year press spacebar to show graph Definitions Mortgage amount Original or expected balance for your mortgage. Taxpayers can deduct the interest paid on first and second mortgages up to $1,000,000 in mortgage debt (the limit is $500,000 if married and filing separately). Any interest paid on first or second mortgages over this amount is not tax-deductible. Home equity loans are limited to $100,000 or the amount of equity you have in your home. Our calculator limits your interest deduction to the interest payment that would be paid on a $1,000,000 mortgage. Interest rate Annual interest rate for this mortgage. Term in years The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years. Monthly payment Monthly principal and interest payment (PI). Loan origination percent The percent of your loan charged as a loan origination fee. For example, a 1% fee on a $120,000 loan would cost $1,200. Discount points Total number of "points" purchased to reduce your mortgage's interest rate. Each "point" costs 1% of your loan amount. As long as the points paid are not a broker's commission, they are considered tax-deductible in the year that they were paid. Other fees Any other fees that should be included in the APR calculation. These fees can vary by lender, but at a minimum usually includes prepaid interest. Annual Percentage Rate (APR) A standard calculation used by lenders. It is designed to help borrowers compare different loan options. For example, a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate with very low fees could be an exceptional value. APR calculations incorporate these fees into a single rate. You can then compare loans with different fees, rates or different terms. Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. RESOURCES PRIVACY POLICY FEE SCHEDULE SURCHARGE FREE ATMS CAREERS (OPENS IN A NEW WINDOW) ABOUT WHO WE ARE LOCATIONS & HOURS CONTACT US INFO NMLS # 677467 ROUTING # 113106985 PHONE: 877.302.1836 Back to TOP Member FDIC Equal Housing Lender Created by Banno © 2021 Spirit of Texas Bank. Customer Complaints