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Mortgage amount |
Original or expected balance for your mortgage. |
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Starting interest rate |
Initial annual interest rate for this mortgage. |
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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. |
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Interest rate cap |
This is the highest interest rate allowed by your mortgage. Your actual interest rate will not be adjusted above this rate. |
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Expected adjustment |
The amount you believe that your mortgage's interest rate will change. This amount will be added to or subtracted from your interest rate. |
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Months between adjustments |
The number of payment periods between potential adjustments to your interest rate. The most common is 12 months, which means your payment could change at most once per year. |
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Starting monthly payment |
Monthly principal and interest payment (PI) based on your beginning balance and starting interest rate. |
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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. |
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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. |
