- 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 assume 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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