| Annual Percentage Rate (APR) | A standard calculation used by lenders. It is designed to help borrowers compare different loan options. For example, a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate with very low fees could be an exceptional value. APR calculations incorporate these fees into a single rate. You can then compare loans with different fees, rates or different terms. |
| Mortgage amount | Original or expected balance for your mortgage. |
| Interest rate | Annual interest rate for this mortgage |
| 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. |
| Monthly payment | Monthly principal and interest payment (PI). |
| 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. |
| 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. |
| 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. |
| Loan origination percent | The percent of your loan charged as a loan origination fee. For example, a 1% fee on a $120,000 loan would cost $1,200. |
| Discount points | Total number of "points" purchased to reduce your mortgage's interest rate. Each "point" costs 1% of you loan amount. |
| Other fees | Any other fees that should be included in the APR calculation. These fees can vary by lender, but at a minimum usually includes prepaid interest. |
