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What Is APR?


APR stands for Annual Percentage Rate. The APR takes into account not just the interest paid on the loan but also other charges you have to pay. For example, any points, underwriting or prepaid interest would be included in the APR calculation. The APR is designed to be used to compare different loan programs from different lenders.


Some borrowers will confuse APR with interest rate. They are not the same thing. The interest rate is the amount you are being charged on the amount of money you borrow. The interest rate is used to calculate your payment.


The APR is generally considered the true cost of the loan. It will include both the interest paid and the fees paid on the loan. The APR is disclosed in percentage form which is why it can be easily confused with interest rate.


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