By Cindy1 author11 articles

Loan TypeAmortizing loans are paid down over time, while interest-only loans are due in full at the end of their term.

Loan TermThe length of time after which a loan will be paid in full, or will have its remaining balance due.

Amortization PeriodThe length of time it will take to pay off an amortizing loan in full, based on its interest rate and payment schedule.

Compound IntervalThe interval at which interest is compounded when calculating amortizing loan payments.

Mortgage Insurance (PMI)An additional upfront or recurring payment required by some lenders.

Remaining EquityThe equity remaining in a property after a refinance, inverse of the new loan's LTV.

Amount FinancedThe portion of a property's purchase price (and optionally the rehab costs) financed by the lender.

Loan PaymentsThe principal and interest (or interest-only) payments required to repay your loan, excluding any escrow payments.

Balloon PaymentsThe final payment on a balloon or an interest-only loan, equal to the remaining balance at the end of the loan term.

Loan InterestThe portion of the loan payment that goes toward paying the interest on the loan.

Refinance CostsCosts and fees associated with refinancing a property, also called closing costs.