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