Computing mortgage APR

[NorCalHomeFinance]

Hello,

I need to know how to compute the APR for a mortgage quote using the
following data:

Rate: Say 6.75%
Term: 360 months
Loan Amount: Say $200,000
Closing Costs: Say $3,000

I'm a mortgage professional and even I get confused as to how to
compute the APR, but it's always a bit higher than the interest rate
and I believe it takes into account the closing costs.

Does anybody have the formula for this?

Thanks!

 

[Barb Reinhardt]

Found with a google search

http://banking.about.com/od/loans/a/calculateapr.htm

 

[ryguy7272]

Take a look at these samples; all free:
http://www.vertex42.com/ExcelTemplates/mortgage-interest-spreadsheet.html


Regards,
Ryan---