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Definitions
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| 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.
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| Savings |
Total amount of interest you will save by prepaying your mortgage. |
Information and interactive calculators are made available to you as self-help tools for your
independent use. We can not and do not guarantee their accuracy or their
applicability to your circumstances. We encourage you to seek personalized
advice from qualified professionals regarding all personal finance
issues.
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