The term annual percentage rate of charge (APR), corresponding sometimes to a nominal APR and sometimes to an effective APR (or EAPR), describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc (according to wikipedia)
Mortgage APR Calculator
Purchase Price: The price that is paid to buy a home, not including closing costs or real estate commission
Interest Rate: The rate of interest charged on a mortgage. Mortgage rates are determined by the lender in most cases.
Loan Term: Short-term (usually for five years or less) standing mortgage in which (unlike in a term loan) the loan is not amortized over a fixed period but only interest is paid over the term of the loan.
Down Payment: Good faith deposit made by a buyer to underline his or her commitment to complete the deal.
Origination Fee: An up-front fee charged by a lender for processing a new loan application, used as compensation for putting the loan in place.
Points paid: also known as “discount points,” are fees paid directly to the lender at closing in exchange for a reduced interest rate