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.
| 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.
|
| 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.
|
| 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.
|
| 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.
|
| Payment Cap % (htm) |
| Enter
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.
|
| 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.
|
| Payment Option ARM |
| Payment Option ARM Loan - No Interest Only Phase |
| Payment Option ARM |
| Payment Option ARM Loan - 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.
|
| 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 |
| 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 |
| The number of payments per year. |
| 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.
|
| 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 |
| alksdfj |
| 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).
|
| 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).
|
| Periods per year (QS)
(htm) |
| This is a required field for the Quick Solver. Enter 12 for monthly and so
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.
|
| 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.
|
| 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.
|
| 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.
|
| 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.
|
| 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. "
|
| 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.
|
| 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. |
