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
First Mortgage Interest Rate
The percentage of an amount of money which is paid for the first mortgage use for a specified time. For example, 5.25 quotes by lender
Second Mortgage Interest Rate
The percentage of an amount of money which is paid for the second mortgage use for a specified time. For example, 5.25 quotes by lender
Piggyback Second Mortgage Type
The percentage of first mortgage, second mortgage, and down payment. For example, 80/10/10 means 80% first mortgage, 10% second mortgage, and 10% down payment.