- 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.
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