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When I get my first mortage bill, will it be the interest rate calculation or the APR calculation?

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June 04 2009 - US
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Answers (2)

Profile picture for Naoma Doriguzzi
Your interest rate is what you pay on monthly. The APR is what the cost of the loan is in a percentage - it has nothing to do with how you figure your monthly payment
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June 04 2009
The APR has nothing to do with the rate you'll pay. The interest rate you'll pay back the mortgage at is what is stated on the loan agreement.
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