Annual interest rate
The simple interest rate (not the APR) that is applicable annually on the mortgage. Normally, this rate of interest is higher than the current rate of simple interest.
Original mortgage term
Actual term length of the mortgage when the contract was initiated.
Remaining term length (in year) on the original mortgage.
Original mortgage amount
The original value of the mortgage when it was set up.
Additional monthly payment
Amount you want to pay additionally with the scheduled monthly payment.
Current mortgage payment
Interest and principal payments for each month according to the original mortgage contract.
Monthly accelerated payment
Combined result of originally scheduled monthly payment and proposed planned additional monthly payment.
Dollar amount you can save by increasing the monthly payment to reduce the term length and interest expenses.