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