Here’s another way to look at it. Suppose you want to borrow $100,000. You choose a 30-year fixed rate loan at 7.5%, and pay one discount point ($1,000), a 1% origination fee ($1,000), and $350 in other fees. Although the lender is giving you a loan for $100,000, you have paid $2,350 to the lender. Your payments are based on a loan of $100,000, but your net proceeds are only $97,650. Hence your APR is 7.75%. In other words, if you selected a rate of 7.75% and did NOT pay the discount point, the origination fee, or the $350 in other fees, the APR says you would have the same overall value as the 7.5% loan with the $2,350 in expenses.
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