Your mortgage rate (or APRC) is how much you’ll see in charges to borrow money over the term of your mortgage. This also includes any additional fees or charges. As a result of all this, you’ll see the expression of this as a percentage. This is in order to help you easily compare different mortgages.
How to calculate a mortgage rate
There are many factors that can influence your mortgage rate. But two that you can have an impact are your credit score and the size of your deposit. A good credit score and a bigger deposit can give you a lower APRC. In turn, that means cheaper monthly payments. That’s how to calculate a mortgage rate.