Displays
the methods for paying off odd interest adjustments. Amortize spreads the interest over the total number of payments. style='mso-bidi-font-style:normal'>Prepaid adds the interest payment to the
closing costs. Amortize - adj final pmt
adds the interest payment to the final loan payment. Irregular 1st Pmt adds the interest payment to the first payment.

The amount by which the interest in the odd first period is more or less than a regularperiod must be accounted for in the payment schedule. The methods offered by the ZMath®Engine are: Amortize - Spread the interest ratably over all the payments. Prepaid - The borrower pays the lender (long first period) or the lender pays theborrower (short first payment) in one payment at closing. Amortize-adjust first - The entire amount is charged or credited at the time of thefirst regular payment. Amortize-adjust final - The entire amount is charged or credited at the time of thefinal payment.

Accepts
the selected or edited entries.

Click
to open a previously saved study file, or savings record.

Click
to open a previously saved study, or loan application.

The options and variations allowed with each loan type will be displayed when you click onthe choices icon. The combo boxes at the top or the screen represent calculation Options. The radio buttons in the lower part allow choices appropriate to that type. Some choices aren't available because they don't make sense. For example you can't choose skipped payments with a single payment loan, since there aren't any payments to skip.

Enter the appropriate options and variations for the loan being
calculated. Different loan types display different variations.

You can also enter the interest type, basis, and odd
interest adjustment. The values in these fields default to your User Defaults.

Enter the appropriate options and variations for the type of
savings scenario being calculated.

Select ‘Deposits’ or ‘Withdrawals’ to indicate regular
deposits or withdrawals amounts and options.

You can also enter the basis and the number of accrual
decimals. The values in these fields default to your User Defaults.

Displays the options and variations available to the selected
loan type, along with the entry screen. If you don't check this box, you may
still see the options and variations by clicking the Options and Variations
icon on the entry screen toolbar.

Click to display the options and variations screen. Use
this screen to select options such as basis and number of decimals for accruals
and to select deposits and withdrawals options.

Options, Rounding

Original.

The original LTV is the loan-to-value ratio of the loan at origination. eZMath will use this figure to determine the term of the FHA insurance.

The total amount of principal owed on a mortgage before any payments are made.

The fee(s) charged by a lender to cover certain processing expenses involved in theevaluation, preparation and submission of a mortgage loan. . Usually a percentage of the amount loaned.

Enter
the amount you charge to the borrower for applying for a new loan (usually 1%,
or one point, of the total loan amount).

Enter
the amount for any other fees that you charge the borrower.

Enter
an explanation of the Other fee that you are charging the borrower.

The amount of any other cash out required by the borrower.

The total of any other closing costs besides lender fees.

Purpose—Allows the user to have the prepaid (escrowed and prepaid) MI renewals paid by a party other than the borrower, thereby removing it from the prepaid finance charges.

Values: 1 = paid by other party, 0 = paid by borrower

Purpose — Allows the user to have the upfront PMI or the funding fee be paid by a party other than the borrower, thereby removing it from the prepaid finance charges.

Choose the format of the preview page for the deposit engine data.

An arrangement where which the property seller provides all or part of the financing.

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An insurance premium charged by the title company to insure the buyer that the title is free from defects and the seller has merchantable title.

A payment that is not sufficient to cover the scheduled monthly payment of principal and interest on a loan.

Enter the name of the institution to which this payment will be made.

Enter
the recipient of the escrow item payment. Type the name in the box the first
time you use it and save it if this is a recurring payee.

The number of periods before subsequent payment changes.

The amount of the periodic payment in a HECM where the line of credit is to be calculated. If this number is entered as 1.0 or less, it is calculated based on a percentage of the principal limit. If there is no periodic payment, this variable should equal 0.

Displays
the amount the borrower will repay, based on the loan type and variables.
ZMath® determines this figure when you click the Calculate button and displays
it on the documentation screen.

Leave
this field empty to solve for the Payment Amount, when you have entered
something for the Term and Loan Amount.

The amount the payment can increase (or decrease) at each payment change date. Entered as a percentage or dollar amount.

Enter
the maximum dollar amount to which the payment can increase for the life of the
loan.

Enter
the maximum percentage to which the payment can increase for the life of the
loan.

The date when a new monthly payment amount takes effect on an adjustable-ratemortgage (ARM) or a graduated-payment adjustable-rate mortgage (GPARM). Generally,the payment change date occurs in the month immediately after the adjustment date.

Select
to display a payment due date column in the schedule.

The initial discount rate for a Payment Option ARM.

Select
to display the payment number in the Excel spreadsheet.

Payment Option ARM Loan - Interest Only Phase

Payment Option ARM Loan - No Interest Only Phase

Enter the number of payments per year (interest only)
made during the draw period.

Select when payments are due on the same day of every period.

Select when payments are due at the end of every period.

This is the frequency you would like to make payments per year, 12 = monthly, 26 = bi-weekly, 4 = quarterly, 1 = yearly.

Enter the number of escrow payments per year for this item.

The number of payments per year.

Enter
the number of times (1, 2, 3, or 4) a year that this item is payable. The
specified number of fields will display, where you can enter the payment
information.

A limit on the amount that payments can increase or decrease during any one adjustment period under an adjustable rate mortgage. See cap.

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The periodic (generally monthly) service fee. The period is determined by the payment frequency (i.e. payments_per_year)

The number of repayment periods for non-accelerated loans. Select 1 for annual; 2 for semi-annual (twice a year), 3 for three periods of four months each; 4 for quarterly (four periods of three months each); 6 for six periods of two months each; 12 for monthly; and 24 for semi-monthly.
Do not use 24 for bi-weekly or 52 for weekly (accelerated loans).

The
number of repayment periods for non-accelerated loans. Select 1 for annual; 2
for semi-annual (twice a year), 3 for three periods of four months each; 4 for
quarterly (four periods of three months each); 6 for six periods of two months
each; 12 for monthly; and 24 for semi-monthly. Do not use 26 for bi-weekly or
52 for weekly (accelerated loans).

This is a required field for the Quick Solver. Enter 12 for monthly and so
on.

This is the number of Interest periods per year. Since you have chosen to amortize the principal and interest differently the payments per year entry box in the left panel applies to the principal and this entry box applies to the interest payments.

The periods per year for the construction portion of the loan

Any property that is not real property.

Enter
your telephone number, including area code.

An acronym for the total monthly payment. Principal, Interest, Taxes and Insurance. This may include mortgage insurance, if required.

The ratio of principal, interest, tax, and insurance payment to income.

A loan type where a fixed payment of principal is required each period along with the interest accrued during the period. This loan type is sometimes called a constant payment to principal loan(CPP) or straight-line amortization loan. We call it a plus interest loan because of the we say it, that is: I want to pay five hundred dollars a month, plus interest.

Select
to calculate a loan where payments include a fixed principal amount plus
accrued interest for the period.

Enter the terms for a plus interest loan (where payments include a
fixed principal amount plus accrued interest for the period). You must enter
the interest rate, periods per year, term, loan amount, prepaids, advance date,
date of first payment, and interest terms or error messages display.

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

Private mortgage insurance

A level Private Mortgage Insurance premium paid along with the principal and interest over the life of the loan.

With Private Mortgage Insurance (PMI) an initial premium can be paid when the loan is originated (up-front) with subsequent monthly payments which are unchanged for one year at a time. If you were to have a single up-front premium covering the entire loan, you could enter the premium and then not enter anything for subsequent periods.

With Private Mortgage Insurance (PMI) an initial premium can be paid when the loan is originated (up-front) with subsequent monthly payments which are unchanged for one year at a time. If you were to have a single up-front premium covering the entire loan, you could enter the premium and then not enter anything for subsequent periods.

One percent of the loan amount assessed at closing by a lender to increase the yield on the loan. Example; 1. 5 points on a $100,000 mortgage would cost the borrower $1,500

Enter
the appropriate dollar amount if any portion of the mortgage insurance premium
for the first year is financed. If you enter a figure in this field, leave the
percent field blank.

Enter
the appropriate percentage if any portion of the mortgage insurance premium for
the first year is financed. If you enter a figure in this field, leave the
dollar amount field blank.

The percentage of the upfront mortgage insurance premium that is financed.

Select
to set the print orientation as portrait, typically interpreted as
"tall. "

The legal power conferred on one person to act on another person's behalf. It can grantcomplete authority or can be limited to certain acts and/or certain periods of time.

Select
to display the premium in the results.

Enter the VA mortgage insurance premium rate.

Allow the basis used to calculate prepaid interest to differ from the basis used for the balance of the loan (the accrual basis). This can be selected using the Check box under System Defaults button on the tool bar. If this is left unchecked prepaid basis is always the same as accrual basis.

Select
the accrual basis for any prepaid interest.

Expenses such as taxes, insurance and assessments which are paid in advance of their duedate and which must be paid by the buyer on a prorated basis at closing.

That amount of money collected at closing to cover the interest for the loan from the settlement date to the end of the month.

Purpose — Allows user to round the per diem interest amount in the prepaid interest to a designated number of decimal places.

Enter
any prepaid finance charges for the draw portion of the loan.

Enter
the amount of the fees and charges to be added to the loan, as a dollar amount.

Enter
the amount of the Prepaid Finance Charges disclosed for this loan.

Payment of a loan before its maturity.

A charge that a borrower may be required to pay if a loan is paid in full or large part in advance of the regular schedule.

Displays the present value of the account.

Displays
the present value of the account.

Click to preview the desired application results on your screen.

Previous MI Credit

Click to display the previous month.

Click
to display the previous page of the results.

Click
to display the previous year.

Enter the amount you would pay for the house in this comparison.

The primary borrower’s birthdate.

The interest rate that banks charge to their preferred customers.

Select
to display the remaining principal for all payments in the Excel spreadsheet.

The outstanding balance or amount of debt.

In a multiple payment stream loan this is the number of PRINCIPAL periods per year for payment stream.

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