- The interest rate determines how much money you will be charged in interest over the life of the loan. The lower the interest rate, the less interest you will have to pay.
- The APR combines the interest rate with the closing costs and other fees imposed by the lender, such as mortgage discount points and broker fees. Adding these in helps you to find the total cost of the loan over the expected term. Comparing the APR gives you a better idea of the total costs associated with the mortgage.
- If you plan to keep the loan for the entire term, the APR is the better measure to compare, according to Bankrate. However, if you are short on cash and cannot afford higher closing costs, you may be willing to pay a higher interest rate.
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