| Annual Percentage Rate (APR) |
A standard calculation used by lenders. It is designed
to help borrowers compare different loan options. For
example, a loan with a lower stated interest rate may
be a bad value if its fees are too high. Likewise, a loan
with a higher stated rate with very low fees could be
an exceptional value. APR calculations incorporate these
fees into a single rate. You can then compare loans with
different fees, rates or different terms. |
| 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 years 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. |
| 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. |
| Loan origination percent |
The percent of your loan charged as a loan origination
fee. For example, a 1% fee on a $120,000 loan would cost
$1,200. |
| Discount points |
Total number of "points" purchased to reduce your mortgage's
interest rate. Each "point" costs 1% of you loan amount. |
| Other fees |
Any other fees that should be included in the APR calculation.
These fees can vary by lender, but at a minimum usually
includes prepaid interest. |
