Fixed Mortgage Loan Calculator - Definitions
Use this calculator to generate an amortization schedule for your current mortgage. Quickly see how much interest you will pay, and your principal balances. You can even determine the impact of any principal prepayments! Press the report button for a full amortization schedule, either by year or by month.
| Term | Definition |
| Mortgage amount | Original or expected balance for this mortgage. |
| Interest rate | Periodic charge, expressed as a percentage, for the use of borrowed money. Interest rates may vary and are subject to approval by the lender. Please enter the estimated current market rate. |
| APR | The APR (annula percentage rate) is the yearly rate of interest and other fees, costs paid to acquire the loan. The APR calculations incorporate fees and interest into a single rate. Lenders are requires by law to disclose the APR, and the rate is used to compare various loans available. |
| 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. |
| Monthly payment | Monthly principal and interest payment (PI). This calculation does not include taxes or insurance. You may have monthly escrow payments for these expenses. |
| 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 mortgage's 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. |
| Savings | Total amount of interest you will save by prepaying this mortgage. |