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The yearly cost of a mortgage, including interest, mortgage insurance, and the origination fee (point(s)), expressed as a percentage. Maximum APR is 20%.
Total length, or term, of your original mortgage in years. The most common lengths are 30 years and 15 years.
The original amount financed with your mortgage. Not to be confused with the remaining balance or principal balance.
Your proposed extra payment per month. This payment will be used to reduce your principal balance.
Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.
Scheduled payment plus additional monthly payment.
Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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