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Mortgage Calculator: Mortgage Loan Payment Calculator

Generating a complete picture for current mortgages is much easier when individuals opt to crunch the numbers directly on the Mortgage Marvel Mortgage Loan Payment loan calculator.

Individuals who rely on the Mortgage Marvel Mortgage Loan Payment mortgage calculator can quickly determine how much interest will be paid and clearly see principal balance changes over time. The Mortgage Loan Payment mortgage calculator will also allow consumers to enter estimated insurance and property taxes. Individuals simply need to press the "View Report" button for a full yearly or monthly amortization schedule.



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GLOSSARY

Mortgage Amount
In relation to a Mortgage Marvel mortgage calculator, this amount reflects the original or expected balance of a mortgage.

Interest Rate
The amount charged in order to borrow a lender's money. Interest takes into account the risk and cost to the lender for a loan. The interest rate depends on the going market rate and how many discount points are paid up-front. An adjustable rate mortgage's interest is a variable rate determined by the index and the margin. When the term is used in conjunction with a Mortgage Marvel mortgage calculator, it specifically applies to the annual interest rate on the mortgage.

Term in Years

The number of years it will take to repay a home loan. The most common mortgage loan terms are 30 years and 15 years. For balloon mortgages, the most common terms are 5 years and 7 years. After that time period concludes, individuals will need to either refinance or pay off the remaining balance. For interest only loans, consumers will have a balloon payment due for the entire principal balance at the end of the loan term.

Monthly Payment (P&I)
The monthly principal and interest payment. In relation to a Mortgage Marvel mortgage calculator, the term refers to principal and interest payment for a fixed rate mortgage or interest only mortgage.

Total Payments

The total of all monthly payments over the full term of the mortgage. When used in conjunction with a Mortgage Marvel mortgage calculator, the total payment amount assumes that there are no prepayments of principal.

Total Interest
The total of all interest paid over the full term of the mortgage. When used in conjunction with a Mortgage Marvel mortgage calculator, the total interest amount assumes that there are no prepayments of principal.

Prepayment Type
The frequency of a prepayment. The options are none, monthly, yearly and one-time payment.

Prepayment Amount
The amount that will be prepaid on a mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.

Start With Payment
In relation to a Mortgage Marvel mortgage calculator, this is the payment number on which prepayments will begin. For a one-time payment, this is the payment number in which the single prepayment will be included. All prepayments of principal are assumed to be received by lenders in time to be included in the following month's interest calculation. If an individual chooses to prepay with a one-time payment for payment number ZERO, the prepayment is assumed to happen before the first payment of the loan.

Savings
In relation to a Mortgage Marvel mortgage calculator, this refers to the total amount of interest saved over the full term of the mortgage by prepaying the home loan.

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.