| 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. |
