Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Definitions
- Mortgage amount - Original or expected balance for your mortgage
- Interest rate - Annual interest rate for this mortgage
- Term in years - The number of years over which you will repay this loan. The most common mortgage terms are 15 and 30 years
- 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 a one time payment
- 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
- Start with payment - This option refers to extra principal you can apply to your term. Enter the number of pre-payments to see how this affects your interest
- Savings - Total amount of interest you will save by prepaying your mortgage
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