Evansville Indiana Mortgage | Home Loan Definitions
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
Fixed interest rate for this mortgage.
Monthly payment
Monthly principal and interest payment (PI). This does not include escrows for items such as homeowner’s insurance and real estate taxes on your Evansville Indiana Mortgage.
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
Prepayments are additional payments made to reduce the principal balance of the loan. The options are none, monthly, yearly and one-time payment.
Prepayment amount
Amount of additional payments. 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 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. Choosing “annually” will summarize payments and balances by year. Choosing “monthly” will show every payment for the entire term.
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