Mortgage Terms - Stacy Seymour, San Jose Realtor

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Mortgage Terms

Many lenders have mortgage loan calculators on their web sites. These calculations cannot be done on a typical calculator. A mortgage calculator looks at the amortization schedule for your mortgage, based on the information you entered, and estimates your monthly loan payment, the amount you can afford to borrow, mortgage amount, term, interest rate, and pre-payment information.

There are also rent vs. buy calculators on the web. Be very careful with the information you receive because the reliability of the calculations might not be accurate. You should always ask a professional loan consultant or tax attorney.

Definitions of terms you will come across when accessing these mortgage calculators.

Mortgage amount - original or expected balance of your mortgage
Terms 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 interest rate for this mortgage
Monthly payment - Monthly principal and interest payment (PI)
Total Payments - Total of all monthly payments over the full term of the mortgage. this total interest amount assumes that there are not pre-payments of principal.
Total interest - Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are not pre-payments of principal.
Pre-payment type - the frequency of pre-payment. The options are; none, monthly, yearly, and one time payment
Pre-payment amount - Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the pre-payment type.
Start with payment - This is the payment number that your pre-payments will begin with. For a one time payment, this is the payment number that the single pre-payment will be included in. All pre-payments 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 pre-pay with a one time payment for payment number ZERO, the pre-payment is assumed to happen before the first payment of the loan.
Savings - Total amount of interest you will save by pre-paying your mortgage.

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