| Mortgage amount |
Original or expected balance for your mortgage. |
| Starting interest rate |
Initial 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 years and 30 years.
|
| Interest rate cap |
This is the highest interest rate allowed by your mortgage.
Your actual interest rate will not be adjusted above this
rate. |
| Expected Adjustment |
The amount you believe that your mortgage's interest
rate will change. This amount will be added to or subtracted
from your interest rate. |
| Months between adjustments |
The number of payment periods between potential adjustments
to your interest rate. The most common is 12 months, which
means your payment could change at most once per year. |
| Starting monthly payment |
Monthly principal and interest payment (PI) based on
your beginning balance and starting interest rate. |
| 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. |
