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Definitions:

Original or expected balance for your mortgage.

The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.

Annual fixed interest rate for this mortgage. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.

Monthly principal and interest payment (PI).

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 of all interest paid over the full term of the mortgage. 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 mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.

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 mortgage.

Choose how the report will display your payment schedule. Annually will summarize payments and balances by year. Monthly will show every payment for the entire term.


Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot 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. Results shown are estimates only. Speak with a Reliant Bank Mortgage Loan Originator for more specific information. Message and data rates may apply from your service provider. Results of the mortgage affordability estimate/prequalification are guidelines; the estimate isn't an application for credit and results don't guarantee loan approval or denial. All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.