- 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.
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