I am wanting to find out what I will owe on my mortgage at any given time, I found a website a while ago, on which you put down the amount borrowed, the term and I think, the APR, then it would give you a yearly breakdown of the capital owed, enabling you to work out what it would cost to pay off said mortgage, (assuming you had kept up with your payments). There is a term for this but I can't remember what it is, I seem to remember it was actually a US Bank website, but the principle is the same. Anyone got any ideas?
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Mortgage Terminology
- Thread starter beeza1
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ilkestonian
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Amortisation?
Zoidberg
Established Member
Would it be the "Settlement Figure"? That has been referred to in terms of loans I have had.
EDIT: Ah, Amortisation. A different beast entirely!
EDIT: Ah, Amortisation. A different beast entirely!
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Amortization Schedule:
APR is typically applied as compound interest across the year, meaning that the debt grows as interest owed is added to the principal. The long terms of mortgage notes, typically 30 years, result from payments being applied to interest, while impacting the principal little, at least at the beginning of the term. These payment plans are known as amortization schedules and are a direct result of the APR applied to the principal.
APR is typically applied as compound interest across the year, meaning that the debt grows as interest owed is added to the principal. The long terms of mortgage notes, typically 30 years, result from payments being applied to interest, while impacting the principal little, at least at the beginning of the term. These payment plans are known as amortization schedules and are a direct result of the APR applied to the principal.
That's the word I was looking for, Cheers!
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