"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.
