- Purchase price
- Purchase price of the home you wish to buy.
- Down payment
- Amount you have for the down payment on your purchase.
- Mortgage amount
- Original or expected balance for your mortgage.
- 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.
- Interest rate
- Annual fixed interest rate for this mortgage. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
- Monthly payment (PI)
- Monthly principal and interest payment (PI).
- Monthly payment (PITI)
- Monthly payment including principal, interest, homeowners insurance, property taxes and home owners association (HOA) fee.
- Monthly HOA fee
- Monthly home owners association (HOA) fee. Enter your monthly amount if you have a home owner association fee or any additional required monthly fee you would like to include in your payment.
- Annual 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.
- Annual home insurance
- 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 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 one-time payment.
- Prepayment amount
- Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
- 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 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.
- Savings
- Total amount of interest you will save by prepaying your mortgage.
- Report amortization
- 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.
