| Term | Definition |
|---|---|
| Number of Years | The number of years the mortgage is issued for. |
| Interest Rate | Calculator assumes that interest is calculated semiannually. |
| Principal/Loan Amount | Original or expected balance for your mortgage. |
| Monthly Payment | Your principal and interest payment (PI) per period. |
| Number of Payments | The amount of payments needed to pay off the mortgage in its entirety. |
| 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 Cost of Loan | The total cost of the principal paid on top of total interest. |