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Mortgage Loan 2018-04-10T19:42:30+00:00
CALCULATORS

Mortgage Loan.

Definitions

Original or expected balance for your mortgage.

The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.

Annual fixed interest rate for this mortgage.

Monthly principal and interest payment (PI).

Monthly payment including principal, interest, homeowners insurance and 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.

The annual amount you expect to pay in homeowners insurance. This amount is divided by 12 to determine the monthly home owners insurance included in PITI.

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 of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.

The frequency of prepayment. The options are none, monthly, yearly and one-time payment.

Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.

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.

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

Choose how the report will display your payment schedule. Annually will summarize payments and balances by year. Monthly will show every payment for the entire term.

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