Definition of mission for Students. 1 : a task that is assigned or begun. 2 : a task that is regarded as a very important duty She thinks of teaching as her mission. 3 : a group of missionaries. 4 : a group of people sent by a government to represent it in a foreign country.
15-Year Fixed-Rate Mortgage: The payment on a $200,000 15-year Fixed-Rate Loan at 2.875% and 70.00% loan-to-value (LTV) is $1369.18 with 2.125 points due at closing. The Annual Percentage Rate (APR) is 3.311%. Payment does not include taxes and insurance premiums.
An advertised APR may not include mortgage insurance costs. If youâll need private mortgage insurance , the APR is going to increase. Likewise, those APR quotes are for the best borrowers out there. If you have less-than-perfect credit or you need a low documentation loan youâll have a higher APR. Does APR Assume a Long Term Relationship? When you see a loanâs APR, you assume that the loan will be paid off over its entire lifetime. For example, the APR on a 30 year loan is calculated with the assumption that youâll keep the loan for 30 years. In reality, most people do not keep their loans alive that long. 7 years or so is more like it. If you pay off a 30 year loan after 7 years, APR will lead you down the wrong path.