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Mortgage Definitions
Mortgage amount:
Original or expected balance for your 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.
Interest rate:
Annual fixed interest rate for this mortgage.
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 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.
Savings:
Total amount of interest you will save by prepaying your mortgage.