|
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 mortgages 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 months interest calculation. |
|
Savings |
Total
amount of interest you will save by prepaying your mortgage. |
