Using an APR calculator allows you to find annual cost of a mortgage loan to a borrower. Like an interest rate, the APR is expressed as a percentage of the loan amount. Unlike an interest rate, however, it includes other charges or fees to reflect the total cost of the loan. The Federal Truth in Lending Act requires that every consumer loan agreement disclose the APR. Since all lenders must follow the same rules to ensure the accuracy of the APR, borrowers can use the APR as a good basis for comparing certain costs of loans. [Source: free-mortgage-calculators.com]

You can use the following apr calculator to find out the APR that you will be paying on your mortgage loan.