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Checklist
- Rate type and index/margin (if variable), term, amortization, cadence.
- Fees (origination, third‑party), prepayment terms, covenants, collateral, guarantees.
- Optional features: caps, conversion rights, balloons.
Modeling Workflow
- Normalize fees and compute APR and total interest in the calculator.
- Export CSVs; compare total cost and payoff date; factor prepayment penalties.
- Stress variable rates and consider refinancing paths.
Decision Factors
For cash‑flow sensitive buyers, flexibility (prepay terms, cadence, balloon) may outweigh a tiny APR difference. For cost‑minimizers, total interest and after‑tax cash flow dominate. See fixed vs variable and refinancing. External: CFPB · FRED · NBAA.