| 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. |
