To help you locate a term, enter the first character or two of a term and press the 'Refresh' button. Or, just click on the handy alphabetical index to jump to that section of the glossary.

*Or, Click on a letter below*

A | B | C | D | E | F | G | H | I | J | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |

**partial payment**

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

**Payable To**

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

**Payable to (htm)**

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 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.

**Payment Adjustment Periods**

The number of periods before subsequent payment changes.

**Payment Amount**

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.

**Payment Amount (htm)**

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.

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.

**Payment Amount (QS) (htm)**

Leave

this field empty to solve for the Payment Amount, when you have entered

something for the Term and Loan Amount.

this field empty to solve for the Payment Amount, when you have entered

something for the Term and Loan Amount.

**Payment Cap**

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

**Payment Cap $ (htm)**

Enter

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

loan.

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

loan.

**Payment Cap % (htm)**

Enter

the maximum percentage to which the payment can increase for the life of the

loan.

the maximum percentage to which the payment can increase for the life of the

loan.

**payment change date**

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.

**Payment Date (B) (htm)**

Select

to display a payment due date column in the schedule.

to display a payment due date column in the schedule.

**Payment Discount Rate**

The initial discount rate for a Payment Option ARM.

**Payment No. (A) (htm)**

Select

to display the payment number in the Excel spreadsheet.

to display the payment number in the Excel spreadsheet.

**Payment Option ARM**

Payment Option ARM Loan - Interest Only Phase

**Payment Option ARM**

Payment Option ARM Loan - No Interest Only Phase

**Payment Periods per year for Draw Period (htm)**

Enter the number of payments per year (interest only)

made during the draw period.

made during the draw period.

**Payments due exact day (htm)**

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

**Payments due period end (htm)**

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

**Payments Per Year**

The number of payments per year.

**Payments per Year**

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

**Payments Per Year**

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

**Payments per Year (htm)**

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.

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.

**periodic payment cap**

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

**Periodic rate cap**

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**Periodic Service Fee**

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

**Periods 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).

Do not use 24 for bi-weekly or 52 for weekly (accelerated loans).

**Periods per year (htm)**

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).

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).

**Periods per year (QS) (htm)**

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

on.

on.

**Periods per year for loans where principal and interest are being amortized differently.**

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.

**Periods per year (CON) (htm)**

The periods per year for the construction portion of the loan

**personal property**

Any property that is not real property.

**Phone Number (htm)**

Enter

your telephone number, including area code.

your telephone number, including area code.

**PITI**

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

**PITI Ratio**

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

**plus interest loan**

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.

**Plus Interest Loan (htm)**

Select

to calculate a loan where payments include a fixed principal amount plus

accrued interest for the period.

to calculate a loan where payments include a fixed principal amount plus

accrued interest for the period.

**Plus Interest Loan Screen (htm)**

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.

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.

**PMI**

Private mortgage insurance

**PMI - No up-front payment**

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

**PMI - up-front payment**

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.

**PMI- Split Premium**

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.

**point**

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

**Portion financed $ (htm)**

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.

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.

**Portion financed % (htm)**

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 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.

**Portion of Upfront Mortgage Insurance Premium Financed**

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

**Portrait (htm)**

Select

to set the print orientation as portrait, typically interpreted as

"tall. "

to set the print orientation as portrait, typically interpreted as

"tall. "

**power of attorney**

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.

**Premium (K) (htm)**

Select

to display the premium in the results.

to display the premium in the results.

**Premium rate**

Enter the VA mortgage insurance premium rate.

**prepaid basis**

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.

**Prepaid Basis (htm)**

Select

the accrual basis for any prepaid interest.

the accrual basis for any prepaid interest.

**prepaid expenses**

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.

**prepaid interest**

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

**Prepaid Interest Places Rounding**

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

**Prepaids (DRAW) (htm)**

Enter

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

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

**Prepaids (htm)**

Enter

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

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

**Prepaids (QAPR) (htm)**

Enter

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

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

**prepayment**

Payment of a loan before its maturity.

**prepayment penalty -**

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.

**Present Value**

Displays the present value of the account.

**Present Value (htm)**

Displays

the present value of the account.

the present value of the account.

**Preview Output (icon) (htm)**

Click to preview the desired application results on your screen.

**Previous MI Credit**

Previous MI Credit

**Previous Month Button (htm)**

Click to display the previous month.

**Previous Page (htm)**

Click

to display the previous page of the results.

to display the previous page of the results.

**Previous Year Button (htm)**

Click

to display the previous year.

to display the previous year.

**Price of Home**

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

**Primary Borrower Birthdate**

The primary borrower’s birthdate.

**prime rate**

The interest rate that banks charge to their preferred customers.

**Principal (E) (htm)**

Select

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

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

**principal or principal balance**

The outstanding balance or amount of debt.

**Principal P/Y**

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

**Principal Payment Amt. (htm)**

?

**Principal payments per year (htm)**

In a plus interest loan, this is the number of principal payments

per year. In all other loan types, this is the number of payments (principal

and interest) per year.

per year. In all other loan types, this is the number of payments (principal

and interest) per year.

**Principal portion of pmt (G) (htm)**

Select to display the principal portion of the payment in the

amortization schedule.

amortization schedule.

**Principal term (htm)**

The

total number of payments for this stream. For annual payments, set this field

to the number of years, according to the Base Terms entered above, and enter 1

in the Prin PY field.

total number of payments for this stream. For annual payments, set this field

to the number of years, according to the Base Terms entered above, and enter 1

in the Prin PY field.

**Principal Term (M5) (htm)**

In

a plus interest loan, this is the number of principal payments. In all other

loan types, this is the number of payments of principal and interest. In

balloon loans, where the amortization term and the actual term differ, this is

the amortization term.

a plus interest loan, this is the number of principal payments. In all other

loan types, this is the number of payments of principal and interest. In

balloon loans, where the amortization term and the actual term differ, this is

the amortization term.

**principal, interest, taxes, and insurance (PITI)**

The four components of a monthly mortgage payment. Taxes and insurance refer to the amounts that are placed in escrow each period for property taxes, mortgage insurance and hazard insurance.

Click this check box, then click the "Request Output" button. The page will be displayed without the web site navigation and graphics. You can then print the page and use your "Back" button to return to eDDMath.

**Print (htm)**

Click to

print the report, according to the options set in the Print dialog box.

print the report, according to the options set in the Print dialog box.

**Print (icon) (htm)**

Select

to print the current screen.

to print the current screen.

**Print header on 1st page only (htm)**

Select to print the header on the first page only of the

amortization schedule.

amortization schedule.

**Print header on all pages (htm)**

Select to print the header on all pages of the amortization schedule.

**Print page numbers (htm)**

Select

to print page numbers on the amortization schedule.

to print page numbers on the amortization schedule.

**Print Screen (htm)**

Select

the print options for the report. You can change the system printer, set its

properties, and control the pages that print.

You can also set the number of copies and print margins.

the print options for the report. You can change the system printer, set its

properties, and control the pages that print.

You can also set the number of copies and print margins.

**Printer (htm)**

Select

the system printer where you want the results to print.

the system printer where you want the results to print.

**private mortgage insurance (PMI)**

Mortgage insurance supplied by a private mortgage insurance company to protect lenders against loss caused by a mortgagor's default. . It is typically required when the loan-to-value(LTV) ratio is in excess of 80 percent.

**Problem Report (htm)**

Select

to submit a bug report.

to submit a bug report.

**Prompt Unsaved Data (htm)**

Select

to display a message if you close a study without saving it first. Deselect to

lose unsaved data without a message.

to display a message if you close a study without saving it first. Deselect to

lose unsaved data without a message.

**Properties (htm)**

Click

to display and modify the options for the selected printer.

to display and modify the options for the selected printer.

**Property Appreciation**

The property appreciation rate to use in the mortgage calculation.

**Property Insurance premium (htm)**

Enter the fee for property insurance. You don't need to include the

premium in the finance charge if it is optional, or if the creditor is allowed

to purchase it from an insurer of their choice.

premium in the finance charge if it is optional, or if the creditor is allowed

to purchase it from an insurer of their choice.

**Property survey (htm)**

Enter

the amount for the property survey.

the amount for the property survey.

**Property Taxes**

The estimated amount of the yearly property tax you might expect to pay on the property in the comparison.

**QAPR Advance date**

Enter the date the funds were advanced from the disclosure statement or the note..

**QAPR Combined Report Screen (htm)**

This screen displays the combined report for the loan application.

You can scroll through the pages, zoom in and out, and print

the report by using the icons on the toolbar.

You can scroll through the pages, zoom in and out, and print

the report by using the icons on the toolbar.

**QAPR Individual (htm)**

This

screen displays the QAPR information only.

You can scroll through the pages, zoom in and out, and print

the report by using the icons on the toolbar.

screen displays the QAPR information only.

You can scroll through the pages, zoom in and out, and print

the report by using the icons on the toolbar.