"That certainly would be easier to understand, but, who wants...

"That certainly would be easier to understand, but, who wants that"

It does exist, its called the comparison rate, which factors in fees and charges assuming normal repayment patterns

http://www.yourmortgage.com.au/article/what-is-a-comparison-rate-119007.aspx

What is a mortgage comparison rate – and more importantly, how can it help you get a better deal on your home loan?

Lenders are obliged by law to include a comparison rate when advertising a loan interest rate, but in the mortgage marketplace, comparison rates are often misunderstood amongst borrowers.

Essentially, a comparison rate is a tool to help consumers identify the true cost of a loan, says finance broker Katie Toole from www.moneytoday.net.au.

“It is a rate that includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure,” she explains.