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» Definitions |
| Mortgage amount |
Original or expected balance for your
mortgage. |
| Interest rate |
Annual interest rate for this
mortgage |
| Term in years |
The number of years over which you
will repay this loan. The most common mortgage terms
are 15 years and 30 years. |
| Monthly payment |
Monthly principal and interest
payment (PI). |
| Total payments |
Total of all monthly payments over
the full term of the mortgage. This total payment
amount assumes that there are no prepayments of
principal. |
| Total interest |
Total of all interest paid over the
full term of the mortgage. This total interest amount
assumes that there are no prepayments of principal. |
| Prepayment type |
The frequency of prepayment. The
options are none, monthly, yearly and a one time
payment. |
| Prepayment amount |
Amount that will be prepaid on your
mortgage. This amount will be applied to the mortgage
principal balance, based on the prepayment type. |
| Start with payment |
This is the payment number that your
prepayments will begin with. For a one time payment,
this is the payment number that the single prepayment
will be included in. All prepayments of principal are
assumed to be received by your lender in time to be
included in the following month's interest
calculation. |
| Savings |
Total amount of interest you will
save by prepaying your mortgage. |
