- 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 principal reductions 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 principal reductions of principal.
- Principal Reduction type
- The frequency of principal reduction. The options are: none, monthly, yearly, and one-time payment.
- Principal Reduction amount
- Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the principal reduction type.
- Start with payment
- This is the payment number that your principal reductions will begin with. For a one time payment, this is the payment number that the single principal reduction will be included in. All principal reductions 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 principal reduction is assumed to happen before the first payment of the loan.
- Savings
- Total amount of interest you will save by prepaying your mortgage.
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