Total Annual Loan Cost (TALC)

See: APR.

It's those hidden fees. And add-ons. And other elements none of us can understand.

On a loan of $300,000, you were told you were paying 4% interest. Instead, you find yourself paying $14,372, i.e. $2,372 more than you would have been had you been truly paying 4% of $12k in interest.

That total annual loan cost is really meaningfully more than "just" 4%. So, um, banks...let's keep things real here with the numbers. K?