- 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.
- Savings
- Total amount of interest you will save by prepaying your mortgage.
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