|
Annual
interest rate:
|
Annual
interest rate. Maximum interest rate is 20%. |
|
Mortgage
length (years):
|
Total
length, or term, of your original mortgage in years. Most common
lengths are 30 years and 15 years. |
|
Original
mortgage amount:
|
The
original amount financed with your mortgage, not to be confused
with the remaining balance or principal balance. |
|
Additional
monthly payment:
|
Your
proposed extra payment per month. This payment will be used
to reduce your principal balance. |
|
Scheduled
payment:
|
Monthly
principal and interest payment based on your original mortgage
amount, term and interest rate. |
|
Accelerated
payment:
|
Scheduled
payment plus additional monthly payment. |
|
Total
savings:
|
Total
amount you would save in interest if you made the accelerated
payment until your mortgage was paid in full. |
