I have term, balloon, principal, interest charges but do not know how to calculate interest rate I am paying.|||You need to look at your TRUTH AND LENDING statement. It will be located in your papers that they gave you when you closed your loan. If you do not have it, call the bank.
FYI....
Note Rate = rate you pay
APR = your rate plus ALL the fees you got stuck with.
The difference between these rates tells the truth of how hard you got nailed.
Your term payment goes to pay for your 5, 10 or 15 year term agreement. The rate of this term will be different than the rest. ONCE THE TERM IS UP YOU WILL HAVE TO PAY THE REST OF THE MORTGAGE IN ONE PAYMENT. This is due to the balloon option on your loan.|||Interest = (capital) x (interest rate) x (days) : 36000
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