Thirty-Year Ledger glossary
Key terms
Ledger note
These terms come up when choosing a mortgage term, each with a primary source.
Last reviewed against the primary sources listed below.
- Loan term
- How long you have to repay the loan. Source: CFPB: What is a Loan Estimate?
- Amortization schedule
- The month-by-month split of each payment between principal and interest. Source: CFPB: What is amortization? (explained with an auto loan example)
- Equity
- The share of the home's value you own outright. Source: CFPB: What is amortization? (explained with an auto loan example)
- Total Interest Percentage
- Total interest over the term as a share of the loan amount, shown on page three. Source: CFPB: What is a Loan Estimate?