Annual interest rate (APR) - The yearly cost
of a mortgage, including interest, mortgage insurance,
and the origination fee (point(s)), expressed as a percentage.
Maximum APR is 20%.
Mortgage length (years) - Total length, or term,
of your original mortgage in years. Most common lengths
are 30 years and 15 years.
Original
mortgage amount - The original
amount financed
with your mortgage.
Not to be confused
with the remaining
balance or principal
balance.
Additional
monthly
payment - Your
proposed extra
payment per
month. This
payment will
be used
to reduce
your principal
balance.
Scheduled
payment - Monthly
principal and
interest payment
(PI) based
on your
original mortgage
amount, term
and interest
rate.
Accelerated
payment - Scheduled
payment plus
additional monthly
payment.
Total
savings - Total
amount you
would save
in interest
if you
made the
accelerated payment
until your
mortgage was
paid in
full. |
