| 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. |
