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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.

 

 

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