The short version of the MAPR Calculator with Statement of MAPR is the quickest way to get a calculation and MAPR statement. MPRA 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 (Short Version)
MAPR Calculator with Statement of MAPR (Short Version) 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.
- Monthly principal and interest payment
- The monthly payment principal and interest payment for the amount financed.
- 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.
- MAPR pre-paid finance charges
- Fees that should be included in the MAPR calculation. These fees can vary by lender. This should include all fees that are included as pre-paid finance charges when calculating APR and all additional fees that are considred pre-paid finance charges under the MLA rules. 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.
- 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.
- 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.