Mortgage Calculator Definition of Terms
Total Mortgage Amount
It is the amount that the borrower wishes to borrow. For example, 250000.
Mortgage Term
The number of years to amortized the mortgage loan. For example, 20, 25, or 30 years are common
Actual Interest Rate
The percentage of an amount of money which is paid for its use for a specified time. For example, 5.25 quotes by lender
Start Date of Mortgage
The date on which you start to pay off the mortage. For example, September 2005
Additional Mortgage Payment Amount
The date on which you start to pay off the mortage. For example, September 2005
How many times to apply the additional mortgage payment per year
The number of times to apply the additional mortgage payment per year. For example, select 5 times to pay additional mortgage amount for five months.
Start Date of additional mortgage payment
The date on which you start to add the additional mortgage amount to the mortgage payment. For example, September 2005