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Original or expected balance for your mortgage. |
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Annual interest rate for this mortgage. |
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The number of years over which you will repay this
loan. The most common mortgage terms are 15 years and 30 years. |
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Monthly principal and interest payment (PI). |
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Total of all monthly payments over the full term
of the mortgage. This total payment amount assumes that there are
no prepayments of principal. |
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Total of all interest paid over the full term of
the mortgage. This total interest amount assumes that there are
no prepayments of principal. |
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The frequency of prepayment. The options are: none,
monthly, yearly, and one-time payment. |
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Amount that will be prepaid on your mortgage. This
amount will be applied to the mortgage principal balance, based
on the prepayment type. |
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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.
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Total amount of interest you will save by prepaying
your mortgage. |
