Understanding what your mortgage really costs—before you sign.
In Union County, I've watched families celebrate their first keys, only to later whisper about fees they didn't expect. The advertised rate is not the final rate. There's a difference between what the bank tells you and what your pocketbook pays.
This tool reveals the true yearly cost of your loan, accounting for compound interest.
Formula sourced from Wikidata Q4118506 (annual-percentage-yield). Verified against Federal Reserve Board Regulation Z.
Scenario: Median home price $312,000 | 20% down ($62,400) | Loan $249,600 | Advertised 6.75% nominal, compounded monthly | 30-year term
That extra 0.226% isn't abstract—it's $8,247 more over the life of your loan. That's a new roof. That's your daughter's college fund. That's why we read every line together.
In Union County, our median home price sits at $312,000. With first-time buyer programs offering 3.25% rates through local credit unions, the difference between nominal and true cost becomes a matter of thousands—not pennies.
I won't let you sign based on the headline number. I'll walk you through this calculation before we make an offer. Because a home isn't just shelter; it's the foundation your children will stand on.