A 22-year old college graduate just got a job in Nashville. She is considering buying a house with a $160,000 mortgage. The APR is 5% compounded monthly for her monthly mortgage payments on a 30-year fixed rate loan. If she can get her FICO score up to 750, the APR drops to 4.6%. How much in interest cost will she save over the life of the loan assuming she can increase her FICO score to 750?

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Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.