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MAPR Calculator with Statement of MAPR

Use the calculator to determine the Military Annual Percentage Rate (MAPR) for a loan where you would like to print a Statement of MAPR. 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 with Statement of MAPR Definitions

Loan amount
The amount of the loan to the borrower. 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 pre-paid finance charges, the net amount to the borrower would be $10,000.
Downpayment amount
The amount that the buyer will apply as a down payment for this purchase. Include any amount from a trade-in in this amount. This will not affect the MAPR or the loan amount. It is will only appear on the printed report as part of the total cost of purchase.
Cash out
If this financing provides cash to the borrower, instead of using all proceeds for a purchase, you enter that amount here. A 'cash-out' amount will not impact the MAPR but having a loan that provides cash to the borrower beyond the secured purchase can cause the loan to become subject to the MAPR rules. The cash-out amount entered will be appear on the calculators report.
Monthly principal and interest payment
The monthly payment principal and interest payment for the amount financed.
Monthly payment with monthly MAPR fees
The monthly payment for this loan with additional fees that are charged monthly. If there are no monthly fees for this loan, this amount will always be the same as the "Monthly PI" payment. Do not include any fees that are entered as pre-paid finance charges. This includes 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.
Interest rate
The annual interest rate for this loan. This is the stated rate for the loan, not the APR.
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.
Annual Percentage Rate (APR)
The Annual Percentage Rate (APR) for a loan total cost of borrowing expressed as a percentage. It is a calculation required by the federal Truth In Lending Act (TILA) to report to borrowers to show the total a loan including financing fees. It includes fees specific to the financing of the loan.
APR pre-paid finance charges
Fees that should be included in the Annual Percentage Rate (APR) calculation. These fees can vary by lender but typically include pre-paid interest and a loan origination or processing fee. All pre-paid 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 APR pre-paid 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, pre-paid 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.
Loan origination fee
Fee charged for this loan as an origination fee. Often an origination fees is a percentage of the amount financed. This fee is most typically used for real-estate mortgages.
Loan points fee
Fee paid by the borrower to reduce the stated interest rate. This is typically a percentage of the amount financed, where each point costs one percent of the loan balance. This fee is mostly typically used for real-estate mortgages.
Loan administration fee
A fee imposed by the lender for administrating the loan.
Loan processing fee
Any fee imposed for processing the loan. This fee would be charged by the lender for obtaining information and documents required by an underwriting department to process a loan. It often is a fee charged to cover miscellaneous items not large enough to have a separate fee. The MLA rule excludes an application fee charged by a Federal Credit Union, or an insured depositary institution, when making a short-term, small amount closed-end loan that is subject to and made in accordance with a Federal law. One application fee per rolling 12 month period is not included in the MAPR.
Other fees or closing costs to include in APR
Any other fee or charge that is to be included in the APR calcuation. This could include an underwriting fee, appraisal review fee, or other fee specifically required to be included in the APR calcuation.
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.
MAPR pre-paid finance charges
Fees that should be included in the MAPR calculation. These fees can vary by lender. No not include fees for a debt cancellation contract, a debt suspension agreement, or credit-related ancillary product that is collected as part of the borrower's monthly payment. All pre-paid 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 pre-paid finance charges, the net amount to the borrower would be $10,000.
GAP insurance premium
GAP insurance premium is a fee charged to cover a 'gap' between an insurance payout and the amount owed on a car in the case of an incident where the vehicle is a total loss.
Credit insurance premiums
Credit insurance premium is a fee charged to cover a borrower's loan payments if they lose their job, become unable to work due to a disability or die. The insurance projects the lender by making payments on the borrowor's behalf. The actual coverage will depend on the specific policy.
Debt cancellation
Fee for a debt cancellation contract. What the service covers will vary depending on the specifics of the contract. In general, it is a fee to provide the elimination of debt in case of death and/or cancels the monthly payments in the case of disability, unemployment or other situations specified in the contract.
Debt suspension
Fee for a debt suspension contract. It will suspend monthly payments in the case of specific hardships, defined in the contract. The suspension does not eliminate the payments, payments are expected to be made in the future.
Additional credit-related ancillary product sold
Fee for any additional credit-related ancillary product sold in connection with the credit transaction. This may include credit monitoring services, identity theft protection and other payment protection fees not already included.
Other fees to include in MAPR
Any other fees that should be included in the MAPR calculation. These fees can vary by lender and should include fees or services associated with receiving this loan already included.