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 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 you 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.
If you choose to prepay with a one-time payment for payment
number ZERO, the prepayment is assume to happen before the
first payment of the loan.
Savings
Total amount of interest you will save by prepaying your
mortgage.
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