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 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.
Loan Application
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