| Annual Percentage Rate (APR) |
A standard calculation used
by lenders. It is designed to help borrowers compare different
loan options. For example, a loan with a lower stated
interest rate may be a bad value if its fees are too high.
Likewise, a loan with a higher stated rate with very low
fees could be an exceptional value. APR calculations incorporate
these fees into a single rate. You can then compare loans
with different fees, rates or different terms. |
| 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. |
| 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. |
| Loan origination percent |
The percent of your loan charged
as a loan origination fee. For example, a 1% fee on a
$120,000 loan would cost $1,200. |
| Discount points |
Total number of "points" purchased
to reduce your mortgage's interest rate. Each "point"
costs 1% of you loan amount. |
| Other fees |
Any other fees that should be
included in the APR calculation. These fees can vary by
lender, but at a minimum usually includes prepaid interest. |
