See Growing Equity Mortgage

Select to
calculate a growing equity mortgage, where the borrower increases payment
amounts over a specified number of years.

Enter
the terms for a growing equity mortgage, where the borrower increases payment
amounts over a specified number of years. You must enter the interest rate,
periods per year, term, loan amount, prepaids, advance date, date of first
payment, graduation rate, and graduation period or error messages display.

Click the Options and Variations button on the toolbar to
enter any variations.

Displays
multiple stream identification number(s). When there are more than two streams,
ZMath® modifies this number automatically according to the first principal
payment date.

A document provided at application that provides estimates for all charges which a borrower is likely to incur in connection with a loan closing.

Enter
the recording fees for this loan, as charged by the County Recorder's Office to
enter the Deed, Mortgage, or Deed of Trust and, occasionally, additional
documents, requiring public notice.

A government-owned corporation within the U. S. Department of Housing and UrbanDevelopment (HUD). Created by Congress on September 1, 1968. GNMA performs the samerole as Fannie Mae and Freddie Mac the assumed responsibility for the special assistance loan program formerly administered by Fannie Mae. Popularly known as Ginnie Mae.

A loan combining a Graduated Payment Mortgage with an Adjustable Rate Mortgage (ARM).

Select to
calculate a mortgage that combines graduated payments with an adjustable rate
mortgage.

Enter
the terms for a graduated payment, adjustable rate mortgage. You must enter the
interest rate, periods per year, term, loan amount, prepaids, advance date, and
date of first payment or error messages display.

Click the Options and Variations button on the toolbar to
enter any variations.

See Graduated payment Mortgage

Select to
calculate a mortgage which has level payments for one year, at which time they
grow by a specified percentage amount (the graduation rate) for another year.
This continues for a specified number of years (the graduation period). At the
end of any particular year, the payment amount may be adjusted to pay off the
remaining balance over the number of years left to maturity.

Enter
the terms for a graduated payment mortgage. You must enter the interest rate,
periods per year, term, loan amount, prepaids, advance date, and date of first
payment or error messages display.

Click the Options and Variations button on the toolbar to
enter any variations.

A length of time (usually 15 days) after a mortgage payment is due in which the lender will not charge a late penalty or report the payment as late.

A type of mortgage where the monthly payments start low but increase by a fixed percentage at the end of each year for a specified number of years. At the end of this series of payments, the graduation period, the loan payments are in an amount large enough to to retire the loan at maturity. This means that the payments at the beginning are not sufficient to make the full principal payments and the outstanding balance actually increases.

The number of periods (usually years) in a graduated payment loan that the payment will increase (by the graduation rate) until the loan ois recast.

Enter the number of periods that the payment will increase by the
graduation rate before the loan is recast.

The rate per year that the interest rate on a graduated payment loan will increase.

Enter
the amount by which the payments will be increased for the year. For example,
entering 20 will mean that the payments will increase by 20% for each year
during the graduation period.

The party to whom title to real property is deeded.

The person to whom an interest in real property is conveyed.

The person conveying (or deeding) title to real property to another.

Total income before any expenses are deducted.

The total amount the borrower earns per month, not counting any taxes or expenses. Often used in calculations to determine whether a borrower qualifies for a particular loan. growing-equity mortgage (GEM)A fixed-rate mortgage that provides for payments which increase by a specified percent at the end of each year for a specified number of years. The increasing monthly payment amounts reduce the balance of the mortgage resulting in its being repaid sooner.

Check this box to select the deposit/withdrawal growth rate (linear or exponential).

Check
this box to select the deposit growth rate (linear or exponential).

Check
this box to select the withdrawal growth rate (linear or exponential).

The
growth rate for accounts where the deposits or withdrawals will graduate at a
constant rate.

A mortgage, the payment of which, is guaranteed by a third party.

Amount of money VA will reimburse a lender upon default of a VA mortgage. Also referred to as the amount of entitlement or eligibility.

Insurance against physical damage to property from fire, wind, vandalism, and other hazards.

This is the annual premium for insurance against losses from risks such as fire, wind, hail, flood etc. If you will have homeowners insurance you will want to include that portion of the premium allocable to the real estate. (Exclude that part covering vehicles etc.)

Enter
the desired header text (up to three lines) for the amortization schedule.

Note: Multiple runs of the calculator may be required based on the results and choices made by the borrower.

Note: Multiple runs of the calculator may be required based on the results and choices made by the borrower.

Note: Multiple runs of the calculator may be required based on the results and choices made by the borrower.

Select 'Yes' to use Pre- October 1, 2009 rates.

Select 'No' to choose the latest rates.

This flag tells the engine whether it is calculating a HECM or a FNMA HomeKeeper program.

Click
to display the ZMath® Help file.

Click
to display online Help for the Quick Solver.

Click
to display the online Help topic for the Fees and Charges Worksheet tabs.

That portion of a loan commitment not funded until some additional requirement such as rental or completion is attained. (2) In construction or interim lending, a percentage of the contractor's draw which is held back.

A type of mortgage that enables home owners to convert their equity in their homes into cash, usually in the form of monthly payments. The value of the property is the prime consideration for the lender since the borrower may have reduced income due to retirement etc. The loan is typically repaid after borrower no longer occupies the property or the equity is depleted.

The value of the home at closing.

Fannie Mae's adjustable-rate conventional reverse mortgage, which allows older homeowners to borrow against the value of their homes and receive the proceeds according to the payment option they select. The amount available is based on the number of borrowers and their ages and the adjusted property value. Anyone 62 years or older who either owns his or her own home free and clear or has very low mortgage debt is eligible.

An insurance policy that combines personal liability insurance and hazard insurance coverage for a dwelling and its contents.

Principal, interest, real estate taxes and hazard insurance (PITI) and mortgage insurance premiums and/or homeowners association/condo fee, when applicable.

Housing expense/effective gross income. Also called Payment-to-Income Ratio or Front-End Ratio.

The U. S. Department of Housing and Urban Development, established by the Housing andUrban Development Act of 1965 to supersede the Housing and Home Finance Agency. It is responsible for the implementation and administration of government housing and urban development programs. Housing Ratio

Median family income for a particular county or metropolitan statistical area (MSA), as estimated by the Department of Housing and Urban Development (HUD).

Enter the loan identification number. This number will appear on the 1/6 Aggregate Escrow Deposit Statement.

Optional
field that can be used to assign a identifying number to this loan information
for future reference. When saving loan information, you must enter either a
customer name, ID Number, or both.

Select if the declining balance for PMI renewal
calculations should be based on the average balance for the year.

Select if the declining balance for PMI renewal
calculations should be based on the beginning balance for the year.

Select if the declining balance should be based on the
ending balance for the year.

That portion of a mortgagor's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Known as escrows or reserves in some states.

Real estate developed or improved to produce income.

A published interest rate not controlled by the lender to which the interest rate on an Adjustable Rate Mortgage (ARM) or GPARM loan is tied. Some commonly used indices include 1YTB One Year Treasury Bill Yield, 3YTB Three Year Treasury Note Yield, 5YTB FiveYear Treasury Note Yield, 10YTB Ten Year Treasury Bond Yield, 30YTB Thirty Year TreasuryBond Yield, 6mTB Six Month Treasury Bill Yield, 6mCD Six Month CD Rate, 6mLIB Six MonthLIBOR, 1LIB One Year LIBOR, Prime Interest Rate. A margin is added to the index to determine the fully indexed rate, or ithat will be charged on the ARM or GPARM for the period.

The value of the interest rate index at the time of origination.

The amount ($ or %) of any initial draw requested by the borrower. If the number is 1.0 or less, it is treated as a percentage. If there is no initial draw, this variable should equal
0.

The original interest rate of the mortgage at the time of closing. This rate changes for an adjustable-rate mortgage (ARM). Sometimes known as "start rate" or "teaser. "

Initial Payment Amount

The number of periods before the first payment change.

Initial Rate

some stuff

The regular periodic payment that a borrower agrees to make to a lender.

Borrowed money that is repaid in several successive payments(installments).

Select
if there will be no mortgage insurance or credit life/A&H insurance written
on this loan.

Enter
the appropriate renewal rates for mortgage insurance payments when there is an
up-front premium.

Select
if either mortgage insurance or credit life/A&H insurance will be written
on this loan.

A mortgage that is protected by the Federal Housing Administration (FHA) or by private mortgage insurance (MI). If the borrower defaults on the loan, the insurer must pay the lender the lesser of the loss incurred or the insured amount.

Select
to display the interest portion of the payment in the Excel spreadsheet.

Select
to accumulate and amortize the interest over the term of the loan. No interest
payments will be made during the loan.

Enter the interest rate which will be charged during the period when only interest payments will be made on this loan. Only the interest is paid during this period.

n/a

Select
to calculate a loan where only the interest is repaid during term. The entire
principal balance is due in one payment at maturity.

Enter the terms for an interest only period / adjustable rate loan and click Calculate. You must enter the interest rate, periods per year, term, loan amount, prepaids, advance date, and date of first payment along with the ARM terms or error messages display.

Click the Options and Variations button on the toolbar to
enter any variations.

The fields on the screen change as you click different
options. For example, if you click Multi-Streams, the Level Payment Installment
Loan (multiple screens) fields display at the bottom of the screen. Also, if
you select any options and variations, these fields display for data entry.

Enter the terms for an interest only / level payment loan (one that has equal
payments for the life of the loan) and click Calculate. You must enter the
interest rate, periods per year, term, loan amount, prepaids, advance date, and
date of first payment or error messages display.

Click the Options and Variations button on the toolbar to
enter any variations.

The fields on the screen change as you click different
options. For example, if you click Multi-Streams, the Level Payment Installment
Loan (multiple screens) fields display at the bottom of the screen. Also, if
you select any options and variations, these fields display for data entry.

Enter the number of periods per year during the interest only repayment period. Interest only is paid during this period with the repayment occuring after the interest only period.

Enter the total number of interest only payments during the interest only payment period.

The number of interest periods deferred for a deferred payment annuity.

per year.

The number of interest periods deferred for a deferred payment
annuity.

Select to insert a column to display the interest portion of the
payment.

Enter the interest rate in full percent. For example, 8.375 or 5.5. The program will convert it to decimal form.

The interest rate you expect to be charged by your lending institution.

Enter the interest rate for the construction loan.

Include a column showing the interest rate for the period.

Enter
the interest rate in full percent. For example, 8. 375 or 5. 5. The program will
convert it to decimal form.

Enter the interest rate for this payment stream

This
is a required field in Quick Solver. Enter the rate in full percent (for
example, 8. 375).

An arrangement wherein the property seller (or any other party) deposits money to an account so that it can be released each month to reduce the mortgagor's monthly payments during the early years of a mortgage. During the specified period, the mortgagor's effective interest rate is "bought down" below the actual interest rate.

A limit on interest rate increases and/or decreases during each interest rate adjustment(adjustment period cap) or over the term (life cap) of the mortgage.

For an adjustable-rate mortgage (ARM), the maximum interest rate, as specified in the mortgage note.

For an adjustable-rate mortgage (ARM), the minimum interest rate, as specified in the mortgage note.

Enter the interest rate for this draw period.

Enter
the total number of interest payments for this payment stream.

This is the Term of the interest portion of a loan where the principal and interest are being amortized differently. The left panel entry box applies to the principal and this entry box applies to the interest payments.

Displays the appropriate interest types for the selected loan. Simple is the most common interest type. Discount is available with Single Payment Loans only. Add-on is available with Level Payment Loans only.

Select to have the borrower pay the interest amounts as they come due.

Enter the terms for the interest-only loan (where principal is due
at maturity). You must enter the interest rate, number of interest periods per
year, term, loan amount, prepaids, advance date, and date of first payment or
error messages display.

Click the Options and Variations button on the toolbar to
enter any variations.