Definitions:

Loan Balance - The loan amount you wish to finance.

Interest Rate - Rate paid for the use of money. An interest rate is often expressed as an annual percentage of the principal.

Period - This is the length of the loan, which you can specify in years or months.

Origination Points - Typically 1% origination, though this varies by region of the country.

Discount Points - The discount points specified in the mortgage program to buy the rate down.

Closing Costs - The costs associated with the loan. Typically includes loan underwriting fee, application or appraisal fee, loan processing, and document preparation.

Mortgage Ins - The total cost of mortgage insurance, or the sum of all your monthly PMI payments. Keep in mind that you can drop request to drop PMI once your equity is greater than 20%.

APR - The annual percentage rate (APR) which takes into account for the interest rate, points and mortgage insurance.

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