Use the calculator to determine the Military Annual Percentage Rate (MAPR) for a loan where you already know the monthly payment. MAPR is a standard calculation used by lenders for loans covered by the Department of Defense's Military Lending Act & Regulation Z. It is similar to a standard APR calculation but includes additional fees in the calculation and limits any loan to a MAPR of no more than 36%. MAPR calculations incorporate these fees into a single rate. While MAPR calculations may vary slightly from lender to lender, all lenders must follow the same rules.
MAPR Calculator for Closed-End Loans with Known Monthly Payment
MAPR Calculator for Closed-End Loans with Known Monthly Payment Definitions
- Amount Financed
- The amount of credit provided to the borrower or on the borrower's behalf.
- MAPR prepaid finance charge
- Fees that should be included in the MAPR calculation. These fees can vary by lender. Do not include any fees that are part of the standard monthly payment. All prepaid finance charges are assumed to reduce the net amount that is received by the borrower. For example, if the loan amount is $10,500 with $500 in MAPR prepaid finance charges, the net amount to the borrower would be $10,000.
- Prepaid interest
- Any interest that accrues between the financing start date and one month prior to the first payment date. For example, if your finance start date is 1/15/2018 and your first payment date is 3/1/2018, prepaid interest would be the daily interest from 1/15/2018 to 1/31/2018 (16 days). For calculating APR and MAPR this is considered a finance charge. We calculate this for you automatically.
- Standard monthly payment
- The monthly payment for this loan. This should include principal, interest and any fees for a debt cancellation contract, a debt suspension agreement, or credit-related ancillary product that are included as part of the monthly payment.
- Loan term
- Number of months for this loan.
- Financing start date
- This is the first day that interest will begin to be charged on the loan balance. This is also typically the same date that funds are distributed to the borrower.
- First payment date
- This is the date of the loan's first payment.
- Final payment date
- This is the date of final payment.
- Military Annual Percentage Rate (MAPR)
- A standard calculation used by lenders for loans covered by the Department of Defense's Military Lending Act & Regulation Z. It is similar to a standard APR calculation but includes additional fees in the calculation and limits any loan to a MAPR of no more than 36%. For example, a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate with very low fees could be an exceptional value. MAPR calculations incorporate these fees into a single rate.