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 (PI)
Monthly principal and interest payment (PI).
Monthly payment (PITI)
Monthly payment including principal, interest, home owners
insurance and property taxes.
Annual property taxes
The annual amount you expect to pay in property taxes.
This amount is divided by 12 to determine the monthly property
tax included in PITI.
Annual home insurance
The annual amount you expect to pay in home owners insurance.
This amount is divided by 12 to determine the monthly home
owners insurance included in PITI.
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 assumed to happen
before the first payment of the loan.
Savings
Total amount of interest you will save by prepaying your
mortgage.
