| Mortgage amount: |
Original or expected balance for your
mortgage. |
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| Interest rate: |
Annual interest rate for this mortgage. |
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| 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. |
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| Monthly payment: |
Monthly principal and interest payment (PI). |
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| 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. |
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| 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. |
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| Prepayment type: |
The frequency of prepayment. The options are none, monthly, yearly and a one
time payment. |
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| 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. |
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| 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. |
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| Savings: |
Total amount of interest you will save by
prepaying your mortgage. |