Amount

Amount of money to borrow from a bank. It is initial principal of your mortgage.

Rate

Interest rate expressed as percentage. Or use APR or APRC.

Term

Term of your mortgage in years.

Mortgage can change in the future. Use Add Change button to add up to three mortgage changes

Month

Month when mortgage change is going to happen. For example, set it to 37 to to add a change after three years of fixed mortgage.

Lump Sum

Amount of initial principal to be repaid to accelerate mortgage schedule.

Rate

New interest rate of your mortgage.

Term

New term of your mortgage.

Last Date

Last date of your mortgage payment. Or, if mortgage changed, last date of mortgage payment before a change.

Payment

Monthly payment to a bank. It is sum of fraction of initial principal of your mortgage and fraction of total interest.

Principal

Amount of initial principal repaid to a bank till last date. It is less of lump sums overpaid due to mortgage changes.

Interest

Amount of interest paid to a bank till last date. It is cost of your mortgage, which can be decreased by lowering interest rate, shortening mortgage term or lump sums overpayments.

Total

All money to paid to a bank - principal plus total interest.

Plot of monthly payments on your mortgage.

Solid line

Monthly rate paid by you to a bank.

Dashed line

An amount of principal repaid every month.

An amount between the dashed and solid lines is interest paid each month to a bank.

At the begining of the term of a mortgage, monthly payments include a lot of interest. With each month, the amount of repaid principal increases.

The ratio of interest and princial in a monthly payment can be affected by a change in your mortgage (interest rate, length of term, lump sum paid).