Use this calculator to determine the Military Annual Percentage Rate (MAPR) for a loan. Press the report button for a full amortization schedule, either by year or by month.
MAPR calculator for Closed-End Loans
MAPR calculator for Closed-End Loans Definitions
- Amount financed
- The amount of credit provided to the borrower or on the borrower's behalf.
- Interest rate
- Annual interest rate for this loan.
- Term in years
- The number of years over which you will repay this loan.
- Monthly payment
- Monthly principal and interest payment (PI).
- Credit insurance premiums
- Interest or finance charge for credit insurance premiums or fees.
- Debt cancellation
- Fee for a debt cancellation contract.
- Debt suspension
- Fee for a debt suspension agreement.
- Credit-related ancillary product sold
- Fee for a credit-related ancillary product sold in connection with the credit transaction.
- Plan participation fee
- Any fee imposed for participation in any plan. The MLA rule excludes an application fee charged by a Federal Credit Union, or an insured depositary institution, when making a short-term, small amount closed-end loan that is subject to and made in accordance with a Federal law. One application fee per rolling 12 month period is not included in the MAPR.
- Other fees
- Any other fees that should be included in the MAPR calculation. These fees can vary by lender, but at a minimum usually includes prepaid interest.
- Military Annual Percentage Rate (MAPR)
- 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%. For example, a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate with very low fees could be an exceptional value. MAPR calculations incorporate these fees into a single rate.