How much will my total mortgage payment be?
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- 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).
- Monthly payment (PITI)
- Monthly payment including principal, interest, home owners insurance and property taxes.
- Annual property taxes
- The annual amount you expect to pay in property taxes. This amount is divided
by 12 to determine the monthly property tax included in PITI.
- Annual home insurance
- The annual amount you expect to pay in home owners insurance. This amount is
divided by 12 to determine the monthly home owners insurance included in PITI.
- 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 one-time payment.
- Prepayment amount
- Amount that will be prepaid on your mortgage. 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 by your lender 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.
- Total amount of interest you will save by prepaying your mortgage.