Calculator Terms & Definitions
The following information defines the terms found in the Loan Calculator.
Original or expected balance for your loan.
Term in years
The number of years over which you will repay this loan. The most common loan terms are 15 years and 30 years.
Annual fixed interest rate for this loan.
Monthly principal and interest payment (PI).
Total of all monthly payments over the full term of the loan. This total payment amount assumes that there are no prepayments of principal.
Total of all interest paid over the full term of the loan. This total interest amount assumes that there are no prepayments of principal.
The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.
Amount that will be prepaid on your loan. This amount will be applied to the loan principal balance, based on the prepayment type.
Start with payment
This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to
be received by your lender in time to be included in the following month's interest calculation. If you choose to prepay with a one-time payment for payment number ZERO, the prepayment is assumed to happen before the first payment of the loan.
Total amount of interest you will save by prepaying your loan.