Calculator Glossary: Financial, Health and Everyday Terms

Accelerated schedule

Any arrangement that clears a loan faster than its contractual term by directing extra amounts to principal.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

Accrued interest

Interest that has arisen for a period. On an interest-only loan the payment matches it precisely.

In context: Interest-Only Mortgage Calculator | Vicaya.

Accumulation phase

The years spent building savings before retirement, which is the period this calculator models.

In context: Retirement Calculator | Vicaya.

Adjustable rate

A rate that resets after an initial period. Any APR quoted for one rests on assumptions about future rates.

In context: Mortgage APR Calculator | Vicaya.

Adjustable-rate mortgage

A loan with a fixed opening rate that then resets periodically according to a published index plus a fixed margin.

In context: ARM Calculator | Vicaya.

Adjustment frequency

How often the rate resets after the fixed period, indicated by the second number in the name.

In context: ARM Calculator | Vicaya.

Advertised rate

The headline figure in marketing, typically available only to a minority of applicants with the strongest credit.

In context: Personal Loan Calculator | Vicaya.

Affordability

What your income and debts can support. It sets the loan; the deposit sets how much house that loan reaches.

In context: Mortgage Down Payment Calculator | Vicaya.

Whether your income supports the payments. It is assessed separately from loan-to-value, and both must satisfy a lender.

In context: Loan-to-Value Calculator | Vicaya.

An estimate of the largest loan your income and existing commitments could support under the ratio limits you choose. It is a ceiling, not a recommendation or an offer.

In context: Mortgage Affordability Calculator | Vicaya.

Affordable loan

The balance your income and existing debts could support under the ratio limits you chose, at the rate and term entered.

In context: Home Affordability Calculator | Vicaya.

Affordable price

The estimated loan plus your deposit. It is a search ceiling rather than a recommendation, and it excludes the costs of buying.

In context: Home Affordability Calculator | Vicaya.

Amortization

The process by which each payment splits between interest and principal, shifting steadily towards principal as the loan matures. An amortization schedule lists that split for every payment.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

The repayment schedule of the new loan, with each payment covering interest first and reducing the balance with the remainder.

In context: Debt Consolidation Calculator | Vicaya.

The schedule by which each payment covers interest first and reduces the balance with the remainder.

In context: Loan Comparison Calculator | Vicaya; Student Loan Calculator | Vicaya; Personal Loan Calculator | Vicaya; Home Equity Loan Calculator | Vicaya.

The process by which each payment covers interest first and reduces the balance with the remainder, shifting toward principal over time.

In context: Loan Repayment Calculator | Vicaya.

The repayment schedule, with each payment covering interest first and reducing the balance with the remainder.

In context: Auto Loan Calculator | Vicaya.

The repayment schedule. Restarting it means repeating the interest-heavy early years of a mortgage.

In context: Cash-Out Refinance Calculator | Vicaya.

The gradual repayment of a loan through scheduled payments that cover interest first and reduce the balance with what is left. The split shifts toward principal as the loan matures.

In context: Mortgage Amortization Calculator & Schedule | Vicaya.

The gradual repayment of a loan, with each payment covering interest first and reducing the balance with the remainder.

In context: Mortgage Payoff Calculator & Schedule | Vicaya.

The gradual repayment of a loan, with each payment covering interest first and reducing the balance with what is left.

In context: Mortgage Extra Payment Calculator | Vicaya.

The gradual repayment of the loan through scheduled payments. A smaller loan amortizes to zero with far less interest.

In context: Mortgage Down Payment Calculator | Vicaya.

The repayment schedule. It converts debt into equity slowly in the early years and rapidly in the later ones.

In context: Home Equity Calculator | Vicaya.

The schedule by which each payment splits between interest and principal. Each loan is amortized separately before being compared.

In context: Mortgage Comparison Calculator | Vicaya.

The repayment schedule generating the payment the APR calculation relies on. It runs on the full principal, not the net figure.

In context: Mortgage APR Calculator | Vicaya.

How the loan repays over time. A lower rate shifts more of each payment to principal from the very first month.

In context: Mortgage Points Calculator | Vicaya.

The repayment schedule applied during the repayment period, converting the balance into equal payments over the remaining span.

In context: HELOC Calculator | Vicaya.

The schedule by which each payment covers interest first and reduces the balance with what remains.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

The repayment schedule the payment is derived from. APR uses the actual payment, so the schedule underpins the calculation.

In context: APR Calculator | Vicaya.

Amortization schedule

The payment-by-payment breakdown of a loan. A recast produces a new one from the reduced balance over the unchanged term.

In context: Mortgage Recast Calculator | Vicaya.

The full table of a loan, one row per payment, showing the interest portion, the principal portion, and the balance remaining afterwards.

In context: Mortgage Amortization Calculator & Schedule | Vicaya.

Amortizing loan

A loan with a fixed payment and a defined end date. The contrast with a minimum-payment schedule is what makes card debt so persistent.

In context: Credit Card Minimum Payment Calculator | Vicaya.

A loan whose payments exceed the interest due, so the balance falls. The comparison against which interest-only is judged.

In context: Interest-Only Mortgage Calculator | Vicaya.

Amount financed

The sum actually borrowed after tax, deposit, trade-in value, and any balance owed on the trade-in are applied.

In context: Auto Loan Calculator | Vicaya.

Annual fee

A recurring charge some lenders apply for maintaining the facility, payable whether or not you draw.

In context: HELOC Calculator | Vicaya.

Annual return assumption

The growth rate applied to savings. Adjusting it changes the model without changing your actual circumstances.

In context: Retirement Calculator | Vicaya.

Appreciation

A rise in property value over time. It lowers loan-to-value without any payment being made, though a lender must accept a new valuation.

In context: Loan-to-Value Calculator | Vicaya.

A rise in property value. It builds equity without payments, and unlike repayment it can reverse.

In context: Home Equity Calculator | Vicaya.

The assumed annual rise in property value. It raises the buyer’s ending equity and their ownership costs simultaneously.

In context: Rent vs Buy Calculator | Vicaya.

APR

Annual percentage rate: the note rate plus certain fees, expressed as one figure so offers can be compared. It is usually a little higher than the note rate and is not used to work out the payment.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

The annual rate applied to the balance. Card rates commonly run several times the rate on secured borrowing.

In context: Credit Card Minimum Payment Calculator | Vicaya.

The annual percentage rate charged on the balance. Card rates typically run several times a mortgage rate.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

Rate plus certain fees expressed annually. The right basis for comparison when two offers carry different charges.

In context: Loan Comparison Calculator | Vicaya.

The rate with certain fees included, expressed annually. The fair basis for comparing dealer finance against a bank loan.

In context: Auto Loan Calculator | Vicaya.

The rate with certain fees folded in, expressed annually. It is the only fair way to compare personal loan offers that carry different fees.

In context: Personal Loan Calculator | Vicaya.

A single figure combining rate and certain costs to compare offers. Useful for ranking loans, not for calculating a payment.

In context: Mortgage Refinance Calculator | Vicaya.

A single comparison figure combining rate and certain costs. Useful for ranking offers, not for computing payments.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

A single number combining rate and certain costs so offers can be ranked. Useful for shortlisting, not for computing payments.

In context: Mortgage Comparison Calculator | Vicaya.

A comparison figure combining rate and certain costs, including points. Buying points lowers the rate but the points themselves raise the APR calculation.

In context: Mortgage Points Calculator | Vicaya.

The annual percentage rate: the note rate with certain finance charges folded in, expressed as a single annual figure for comparison.

In context: APR Calculator | Vicaya.

Arrangement fee

A charge for setting up a loan, often accompanying a lower rate. It belongs to the offer that carries it and is counted once, up front.

In context: Mortgage Comparison Calculator | Vicaya.

Association charges

Recurring dues for a managed building or development, sometimes called service charges or HOA fees. Lenders count them as part of the housing payment.

In context: Mortgage Affordability Calculator | Vicaya.

Recurring dues for a managed building or development. Lenders count them within the housing payment.

In context: Home Affordability Calculator | Vicaya.

Assumed return

The rate applied to every period. The most influential input and the only one you are genuinely guessing.

In context: Investment Return Calculator | Vicaya.

Automated valuation

An estimate of value produced from market data rather than an inspection. Some lenders accept it, others require a physical valuation.

In context: Loan-to-Value Calculator | Vicaya.

An estimate produced from market data rather than an inspection. Some lenders accept it; others require a surveyor.

In context: Home Equity Calculator | Vicaya.

Available borrowing

The cap applied to the value, less the first mortgage. Always well below the equity held.

In context: Home Equity Loan Calculator | Vicaya.

Available cash

The cap applied to the value less the current balance. Always well below the equity you hold.

In context: Cash-Out Refinance Calculator | Vicaya.

Available limit

The full amount a credit line permits. Many lenders count this rather than the drawn balance when assessing new borrowing.

In context: Combined Loan-to-Value Calculator | Vicaya.

Avalanche method

Clearing the highest rate balance first. It minimises total interest and is the arithmetically optimal order.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

Average annual return

A single figure summarising uneven results. Useful for projection, misleading if read as what any given year will deliver.

In context: Investment Return Calculator | Vicaya.

Back-end ratio

All recurring debt payments including housing as a share of gross monthly income. This is what people usually mean by DTI, and the conventional guideline is around 36%.

In context: Debt-to-Income Calculator | Vicaya.

Balance

What you currently owe on the card. Interest is charged against it every month, so reducing it is the only real progress.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

Balance transfer

Moving a card balance to another card, usually at a promotional rate for a set period in exchange for a fee.

In context: Balance Transfer Calculator | Vicaya.

Moving a balance to another card, often at a promotional rate for a period, usually for a fee of a few percent.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

Balloon payment

A large amount due at the end of some loans that are not scheduled to reach zero through regular payments alone.

In context: Loan Repayment Calculator | Vicaya.

A large amount due at the end of some loans because the schedule was not designed to reach zero through regular payments alone.

In context: Mortgage Amortization Calculator & Schedule | Vicaya.

Balloon risk

The danger of a large sum falling due when a plan to clear the balance does not materialise.

In context: Interest-Only Mortgage Calculator | Vicaya.

Band

A range of loan-to-value within which lender terms are flat, with pricing changing in steps at the boundaries.

In context: Loan-to-Value Calculator | Vicaya.

Behavioural fit

How well a payment rhythm matches your income. Fortnightly earners often sustain a fortnightly schedule more easily.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

Benefit cost

Employer-paid health, retirement, leave, or other benefit amount entered for the estimate.

In context: Payroll Cost Calculator | Estimate Employer Payroll Costs.

Binding constraint

Whichever of the two ratio ceilings comes out lower and therefore sets the answer. It tells you whether income or existing debt is limiting you.

In context: Mortgage Affordability Calculator | Vicaya.

Binding test

Whichever test fails, or passes by the smaller margin. It identifies which lever will actually change the outcome.

In context: Mortgage Qualification Calculator | Vicaya.

Biweekly mortgage

Paying half the monthly amount every two weeks, producing twenty-six half payments and therefore thirteen monthly payments a year.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

Biweekly payment

Paying half the monthly amount every two weeks, which produces twenty-six half payments a year, the equivalent of thirteen monthly payments. The extra payment shortens the loan.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

Biweekly schedule

Paying half the monthly amount fortnightly, which produces one extra monthly payment’s worth each year.

In context: Mortgage Payoff Calculator & Schedule | Vicaya.

Paying half the monthly amount every two weeks, producing twenty-six half payments a year and one extra monthly payment’s worth annually.

In context: Mortgage Extra Payment Calculator | Vicaya.

Borrowable equity

What a lender would actually advance: the cap applied to the value, less what you already owe. Always less than the equity you own.

In context: Home Equity Calculator | Vicaya.

Borrowing capacity

The cap applied to the value, less what is already secured. It falls faster than equity when values move.

In context: Combined Loan-to-Value Calculator | Vicaya.

Break-even horizon

The number of years at which buying stops losing to renting. Found by adjusting the horizon until the net benefit turns positive.

In context: Rent vs Buy Calculator | Vicaya.

Break-even period

How long the monthly saving takes to repay the cost of the points. Below it the purchase loses money; beyond it, it gains.

In context: Mortgage Points Calculator | Vicaya.

Break-even point

The month at which accumulated savings equal the cost of switching. Beyond it the refinance is ahead; before it, it is behind.

In context: Mortgage Refinance Calculator | Vicaya.

The month at which accumulated savings equal the cost of switching. Before it you are behind; after it, ahead.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

Buy rate

The rate a lender offers the dealer, before any markup added by the dealer as compensation for arranging the finance.

In context: Auto Loan Calculator | Vicaya.

Buy-down

Reducing the interest rate by paying cash up front. A permanent buy-down lasts the whole term.

In context: Mortgage Points Calculator | Vicaya.

Buying costs

One-off fees to complete a purchase, such as legal work, valuation, searches, and purchase taxes. They come from the same savings as the deposit.

In context: Home Affordability Calculator | Vicaya.

One-off charges to complete the purchase. They are cash the buyer commits and cannot invest.

In context: Rent vs Buy Calculator | Vicaya.

Capacity

Your ability to take on further debt given existing commitments. It is what the ratio measures, distinct from your willingness to repay.

In context: Debt-to-Income Calculator | Vicaya.

Capitalisation

Unpaid interest being added to the principal, so future interest is charged on it too. It commonly happens when repayment begins.

In context: Student Loan Calculator | Vicaya.

Cash advance

Cash withdrawn against a card, usually at a higher rate with no grace period and an immediate fee.

In context: Credit Card Minimum Payment Calculator | Vicaya.

Withdrawing cash against a card, usually at a higher rate with no grace period and an immediate fee.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

Cash flow

Money available month to month. A recast converts a lump sum into cash flow rather than into a shorter loan.

In context: Mortgage Recast Calculator | Vicaya.

Cash flow constraint

A limit on what you can pay monthly rather than in total. It is a legitimate reason to prefer a more expensive loan.

In context: Loan Comparison Calculator | Vicaya.

Cash out

Borrowing more than you currently owe when refinancing, taking the difference in cash. It raises loan-to-value immediately.

In context: Loan-to-Value Calculator | Vicaya.

Cash taken

The sum received at completion, which is added to the loan and repaid with interest over the new term.

In context: Cash-Out Refinance Calculator | Vicaya.

Cash to close

The total you must have available at completion: your deposit plus all buying costs. Always larger than the deposit alone.

In context: Mortgage Down Payment Calculator | Vicaya.

Deposit plus closing costs: the total that must be available on completion day. Always larger than the deposit alone.

In context: Closing Costs Calculator | Vicaya.

Cash-out cap

The maximum loan-to-value a lender permits when releasing cash, commonly around 80% and tighter than for a rate-and-term refinance.

In context: Cash-Out Refinance Calculator | Vicaya.

Cash-out premium

The additional rate charged for releasing equity, applied to the entire balance rather than just the cash taken.

In context: Cash-Out Refinance Calculator | Vicaya.

Cash-out refinance

Replacing an existing mortgage with a larger one and receiving the difference in cash. The balance rises and the rate resets.

In context: Cash-Out Refinance Calculator | Vicaya.

Replacing the first mortgage with a larger one instead of adding a second charge. It keeps a single loan but raises the ratio.

In context: Combined Loan-to-Value Calculator | Vicaya.

Replacing the mortgage with a larger one and taking the difference in cash. It converts equity to cash and raises the loan to value.

In context: Home Equity Calculator | Vicaya.

Borrowing more than the current balance and taking the difference in cash. It raises loan-to-value and often the rate.

In context: Mortgage Refinance Calculator | Vicaya.

Replacing the first mortgage with a larger one. It reprices the entire balance rather than only the new borrowing.

In context: Home Equity Loan Calculator | Vicaya.

Closing costs

One-off fees paid to complete a property purchase, such as valuation, legal, and arrangement fees. They are paid up front rather than added to the loan here.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

One-off fees to complete a purchase, such as legal work, valuation, searches, and arrangement fees. Treated here as cash rather than borrowed.

In context: Mortgage Down Payment Calculator | Vicaya.

Fees to arrange the new loan, such as valuation, legal work, and arrangement fees, plus any exit charge on the old one.

In context: Mortgage Refinance Calculator | Vicaya.

The fees required to complete the new loan. They form the numerator of the break-even calculation.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

The full set of transaction costs. It overlaps with finance charges but includes items the APR excludes, such as insurance you choose.

In context: Mortgage APR Calculator | Vicaya.

Fees to arrange the loan, such as valuation and legal work. Lower than a full refinance but not always negligible.

In context: Home Equity Loan Calculator | Vicaya.

The full set of one-off charges required to complete a property transaction, paid in cash on completion and separate from the deposit.

In context: Closing Costs Calculator | Vicaya.

Co-borrower

A second person on the application whose income and debts are both included, which can raise or lower the combined ratio.

In context: Debt-to-Income Calculator | Vicaya.

Co-signer

A second person who becomes equally liable for the debt. It can secure a better rate and puts their credit fully at risk.

In context: Personal Loan Calculator | Vicaya.

Combined loan to value

The same ratio counting every loan secured on the property, not just the first mortgage. This is what a lender assesses.

In context: Loan-to-Value Calculator | Vicaya.

Every loan secured on a property, added together and expressed as a percentage of its value. The figure lenders assess for additional borrowing.

In context: Combined Loan-to-Value Calculator | Vicaya.

The ratio counting every secured loan together. This is the figure that governs additional borrowing.

In context: Home Equity Calculator | Vicaya.

All secured borrowing as a share of property value. It is what determines the size of line a lender will offer.

In context: HELOC Calculator | Vicaya.

All secured debt as a share of value. This is the figure a second-charge lender assesses.

In context: Home Equity Loan Calculator | Vicaya.

Comparison basis

The requirement that both quotes share an amount and a term for an APR ranking to be reliable.

In context: Mortgage APR Calculator | Vicaya.

Comparison horizon

The number of years over which both paths are totalled. Short horizons favour renting because buying and selling costs are incurred once.

In context: Rent vs Buy Calculator | Vicaya.

Comparison rate

The term used in some jurisdictions for a fee-inclusive rate serving the same purpose as APR, though the included charges differ.

In context: APR Calculator | Vicaya.

Compensating factors

Strengths such as a large deposit, significant savings, or a long stable earning record that can persuade a lender to accept a higher ratio.

In context: Debt-to-Income Calculator | Vicaya.

Strengths such as a large deposit, substantial savings, or a long stable earning history that can persuade a lender to allow ratios above its usual limits.

In context: Mortgage Affordability Calculator | Vicaya.

Strengths such as a large deposit, substantial reserves, or long stable employment that can persuade a lender to allow ratios above its published limits.

In context: Mortgage Qualification Calculator | Vicaya.

Compound interest

Return earned on both the original amount and on returns already credited, so the base itself grows over time.

In context: Compound Interest Calculator | Vicaya.

Compounding

Growth earned on previous growth, which is why the outcome curve steepens rather than running straight.

In context: Investment Return Calculator | Vicaya.

Interest charged on a balance that already includes prior interest. Slow repayment is what allows it to accumulate.

In context: Credit Card Minimum Payment Calculator | Vicaya.

Interest charged on a balance that includes previously charged interest. It is what makes slow repayment so expensive.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

Compounding frequency

How often returns are credited. It affects the outcome modestly compared with rate, contribution, and time.

In context: Compound Interest Calculator | Vicaya.

Compounding saving

The way each unit of early principal reduction avoids interest for every remaining period, making small extras disproportionately effective.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

Conservative assumption

A deliberately cautious rate. A plan that works under one is robust; a plan that needs an optimistic one is not.

In context: Investment Return Calculator | Vicaya.

Consolidation

Combining several student loans into one. Within a government scheme it may preserve protections; into a commercial loan it generally does not.

In context: Student Loan Calculator | Vicaya.

Consolidation loan

The new fixed-rate loan taken out to clear existing balances. It is ordinary borrowing and is assessed like any other application.

In context: Debt Consolidation Calculator | Vicaya.

Contribution total

Everything you put in, including the starting amount. Comparing it against the projection shows what the assumption is contributing.

In context: Investment Return Calculator | Vicaya.

Everything you deposited, including the starting amount. Comparing it against the final balance shows what compounding added.

In context: Compound Interest Calculator | Vicaya.

Conversion option

A feature on some ARMs permitting a switch to a fixed rate, usually for a fee and within a limited window.

In context: ARM Calculator | Vicaya.

Conveyancing

The legal work transferring ownership. Usually a third-party service you may be free to shop for.

In context: Closing Costs Calculator | Vicaya.

Cost inflation

An optional annual escalation applied to ownership costs on top of any growth from the home’s value.

In context: Rent vs Buy Calculator | Vicaya.

Cost over horizon

Payments made plus the balance still owed at the end, less the original principal, plus fees. It measures what the borrowing genuinely consumed.

In context: Mortgage Comparison Calculator | Vicaya.

Court-ordered payment

An obligation such as maintenance or child support. Lenders generally include these as recurring debt.

In context: Debt-to-Income Calculator | Vicaya.

Coverage label

The result note that says whether a tax line is automatic, partial, unsupported, or manually entered.

In context: U.S. Paycheck Calculator | Vicaya; Hourly Paycheck Calculator | Overtime and Take-Home Pay; Salary Paycheck Calculator | Annual Salary to Take-Home Pay; Take-Home Pay Calculator | Estimate Net Pay After Taxes; Paystub Calculator and Checker | Compare Your Paycheck; W-4 Withholding Calculator | Estimate Federal Paycheck Withholding; Bonus Paycheck Calculator | Supplemental Wage Tax Estimate; Paycheck Comparison Calculator | Compare Pay Frequencies and Offers.

A note that tells users what is modeled automatically and what was entered manually.

In context: Payroll Cost Calculator | Estimate Employer Payroll Costs.

Credit limit

The maximum you may draw. It costs nothing unused, but other lenders may count it in full when assessing new borrowing.

In context: HELOC Calculator | Vicaya.

Credit score

A measure of how reliably you have repaid in the past. It is independent of the ratio, which is why a strong score does not guarantee approval.

In context: Debt-to-Income Calculator | Vicaya.

Credit utilisation

The share of available credit in use. A transfer moves utilisation between cards and a new account can lower it overall.

In context: Balance Transfer Calculator | Vicaya.

The share of available credit in use. Long-running balances keep it high, which weighs on credit scores.

In context: Credit Card Minimum Payment Calculator | Vicaya.

The share of your available credit in use. High utilisation weighs on credit scores independently of whether payments are made on time.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

The share of available credit in use. Consolidation usually lowers it, which can help a credit score if the cards stay unused.

In context: Debt Consolidation Calculator | Vicaya.

The share of revolving credit in use. A personal loan is instalment debt, so clearing cards with one usually lowers utilisation.

In context: Personal Loan Calculator | Vicaya.

The share of your available credit currently in use. It affects credit scores but is a separate measure from debt-to-income.

In context: Debt-to-Income Calculator | Vicaya.

Crossover

The moment two offers swap places on a given measure. Locating it turns the choice into a question about how long you will stay.

In context: Mortgage Comparison Calculator | Vicaya.

Cumulative interest

The running total of interest paid up to a given payment. It is usually the most persuasive column in the whole schedule.

In context: Mortgage Amortization Calculator & Schedule | Vicaya.

Dealer finance

Lending arranged through the seller. Sometimes subsidised by a manufacturer and genuinely cheap, sometimes marked up.

In context: Auto Loan Calculator | Vicaya.

Debt consolidation

Combining balances into a fixed-rate loan with a set term. An alternative when the required transfer payment is unaffordable.

In context: Balance Transfer Calculator | Vicaya.

Combining several balances into a single loan, usually at a fixed rate with a defined end date.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

Replacing several debts with a single loan carrying one rate, one payment, and one end date. It reorganises debt without reducing the amount owed.

In context: Debt Consolidation Calculator | Vicaya.

Using one loan to clear several balances. The most common purpose for a personal loan, and one with its own arithmetic.

In context: Personal Loan Calculator | Vicaya.

Debt management plan

An arrangement administered by a third party to repay creditors, sometimes at reduced rates. Distinct from taking out a consolidation loan.

In context: Debt Consolidation Calculator | Vicaya.

Debt settlement

Negotiating to repay less than owed. Entirely different from consolidation, and it typically causes serious credit damage.

In context: Debt Consolidation Calculator | Vicaya.

Debt to income

The share of gross income that goes to debt payments. Lenders weigh it heavily when deciding how large a loan to offer.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

The share of gross income committed to debt payments. Card minimums count toward it in lending assessments.

In context: Credit Card Minimum Payment Calculator | Vicaya.

The share of gross income committed to debt payments. Card minimums count toward it, so clearing a card frees borrowing capacity.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

The share of gross income going to debt payments. Consolidation can improve it by lowering the payment, without reducing what is owed.

In context: Debt Consolidation Calculator | Vicaya.

The share of gross income committed to debt payments. Student payments count, affecting mortgage and other borrowing.

In context: Student Loan Calculator | Vicaya.

The share of gross income going to debt payments. A new personal loan payment counts toward it immediately.

In context: Personal Loan Calculator | Vicaya.

The share of income committed to debt payments. A strong loan-to-value does not compensate for a weak ratio here.

In context: Loan-to-Value Calculator | Vicaya.

Debt-to-income ratio

The share of gross monthly income committed to recurring debt payments, expressed as a percentage. Lenders use it to judge capacity for further borrowing.

In context: Debt-to-Income Calculator | Vicaya.

Decline

The outcome when either test fails. Which one failed determines whether the remedy is a smaller payment or less existing debt.

In context: Mortgage Qualification Calculator | Vicaya.

Declining payment

A payment recalculated from a falling balance, so it shrinks as you repay. It is the mechanism that stretches card debt across decades.

In context: Credit Card Minimum Payment Calculator | Vicaya.

Decumulation phase

The years spent drawing down savings. Governed by the withdrawal rate rather than by contributions.

In context: Retirement Calculator | Vicaya.

Deferment

An authorised pause in repayment. Interest may or may not accrue during it, which is the detail that matters most.

In context: Student Loan Calculator | Vicaya.

Deferred debt

An obligation currently paused, such as a student loan in deferment. Many lenders still count an assumed payment for it.

In context: Debt-to-Income Calculator | Vicaya.

Deferred interest

An arrangement where interest accrues quietly during the promotion and is charged in full if any balance remains at the end.

In context: Balance Transfer Calculator | Vicaya.

An arrangement where interest accrues during a promotional period and is charged in full if the balance is not cleared in time.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

Delinquency

Falling behind on required payments. Paying the minimum avoids it, which is the one thing the minimum genuinely achieves.

In context: Credit Card Minimum Payment Calculator | Vicaya.

Deposit

The cash you contribute up front, also called a down payment. It adds to the price you can reach and reduces the loan you need.

In context: Home Affordability Calculator | Vicaya.

Depreciation

The fall in a vehicle’s value over time, fastest in the early years. It is why long loans leave buyers underwater.

In context: Auto Loan Calculator | Vicaya.

A fall in property value, which raises loan-to-value and can undo years of repayment on paper.

In context: Loan-to-Value Calculator | Vicaya.

Disclosure

The regulated statement in which a lender must publish the APR and finance charges, allowing offers to be compared on a common basis.

In context: APR Calculator | Vicaya.

Discount point

An optional up-front payment of one percent of the loan that reduces the interest rate for the life of the loan. Effectively prepaid interest.

In context: Mortgage Points Calculator | Vicaya.

Discount points

An optional fee paid up front to secure a lower interest rate, where one point costs one percent of the loan. Whether they pay off depends on how long you keep the loan.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

An optional up-front fee to secure a lower rate, where one point costs one percent of the loan. Worth it only over a long enough horizon.

In context: Mortgage Refinance Calculator | Vicaya.

An optional up-front payment to lower the rate, where one point is one percent of the loan. It has its own break-even.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

An optional up-front payment to lower the rate. It functions as a fee in this comparison and has its own recovery period.

In context: Mortgage Comparison Calculator | Vicaya.

Optional up-front payments that lower the note rate. They count as finance charges, so they lower the rate while raising the APR input.

In context: Mortgage APR Calculator | Vicaya.

An optional payment to lower the interest rate. It appears among closing costs and counts as a finance charge.

In context: Closing Costs Calculator | Vicaya.

An optional up-front payment to reduce the rate. Counted as a finance charge, so buying points lowers the note rate but raises the APR calculation input.

In context: APR Calculator | Vicaya.

Dollar-cost averaging

Contributing steadily regardless of price, which is what a recurring contribution assumes and which smooths entry points.

In context: Investment Return Calculator | Vicaya.

Doubling time

How long a balance takes to double at a given rate. Each doubling adds more than all previous growth combined.

In context: Compound Interest Calculator | Vicaya.

Down payment

The cash you pay up front, also called a deposit. A larger one shrinks the loan, lowers the payment, and can remove the need for mortgage insurance.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

Cash paid up front. It reduces the amount financed directly and shortens the period spent underwater.

In context: Auto Loan Calculator | Vicaya.

The cash you contribute toward the purchase price up front, also called a deposit. It determines the loan you need.

In context: Mortgage Down Payment Calculator | Vicaya.

The cash contributed up front. It sets your starting loan-to-value on day one of the loan.

In context: Loan-to-Value Calculator | Vicaya.

The cash you contribute up front. Affordability estimates a loan, so the price you could consider is that loan plus your deposit.

In context: Mortgage Affordability Calculator | Vicaya.

Draw period

The phase during which you can borrow against the line, commonly ten years, often with interest-only payments required.

In context: HELOC Calculator | Vicaya.

Drawdown

A fall from a previous peak. Invisible in a smooth projection but a real feature of any market outcome.

In context: Investment Return Calculator | Vicaya.

Drawn balance

The amount actually taken from a credit line. It is what your current ratio reflects.

In context: Combined Loan-to-Value Calculator | Vicaya.

The amount actually borrowed. Only this accrues interest and only this is debt for the purposes of your own position.

In context: HELOC Calculator | Vicaya.

Earnest money

A good-faith deposit paid when an offer is accepted in some markets. It usually counts toward the final deposit.

In context: Mortgage Down Payment Calculator | Vicaya.

Effective amount received

The loan less its finance charges. The APR is the rate that reconciles your actual payments with this smaller figure.

In context: Mortgage APR Calculator | Vicaya.

Effective rate

The total cost expressed as a rate on the original balance. A 3% fee for 18 months of zero interest is a very low effective rate.

In context: Balance Transfer Calculator | Vicaya.

What you truly paid once the actual holding period is accounted for. It exceeds the APR whenever a loan ends early.

In context: Mortgage APR Calculator | Vicaya.

What you actually paid once the term you held the loan is taken into account. It exceeds the APR when a loan is repaid early.

In context: APR Calculator | Vicaya.

Effective saving

Interest avoided less any fees. It is the honest measure of what consolidation delivers.

In context: Debt Consolidation Calculator | Vicaya.

Interest avoided by overpaying, measured against the extra cash contributed to achieve it.

In context: Loan Repayment Calculator | Vicaya.

Eligible loan type

Whether a product permits recasting at all. Many government-backed and portfolio loans do not.

In context: Mortgage Recast Calculator | Vicaya.

Emergency fund

Accessible savings that prevent unexpected costs going back onto the card, which is what usually derails a payoff plan.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

Accessible savings held against unexpected costs or lost income, generally prioritised ahead of overpaying.

In context: Mortgage Payoff Calculator & Schedule | Vicaya.

Accessible savings held against unexpected costs or a loss of income. Generally prioritised over overpaying despite the lower return.

In context: Mortgage Extra Payment Calculator | Vicaya.

Employer FICA

The employer share of Social Security and Medicare taxes.

In context: Payroll Cost Calculator | Estimate Employer Payroll Costs.

Employer match

Contributions an employer adds to your own. Usually the highest-return money available and worth capturing before anything else.

In context: Retirement Calculator | Vicaya.

Retirement contributions an employer adds to your own. It usually represents a larger and more certain return than prepayment.

In context: Mortgage Extra Payment Calculator | Vicaya.

Employer payroll cost

Gross wages plus employer-paid payroll taxes, benefits, insurance, and other entered costs.

In context: Payroll Cost Calculator | Estimate Employer Payroll Costs.

Ending balance

What remains after the final scheduled payment. On a correctly derived schedule it is zero, and anything else signals an input problem.

In context: Loan Repayment Calculator | Vicaya.

Ending equity

The projected property value less the outstanding balance at the end of the horizon, before selling costs.

In context: Rent vs Buy Calculator | Vicaya.

Equity

Value less secured debt. A cash-out converts part of it into cash and a corresponding increase in what you owe.

In context: Cash-Out Refinance Calculator | Vicaya.

The share of the property you own outright: its value less what you still owe. It grows through repayment and through any rise in value.

In context: Mortgage Amortization Calculator & Schedule | Vicaya.

The share of the property owned outright. A payoff plan builds it considerably faster than the schedule alone.

In context: Mortgage Payoff Calculator & Schedule | Vicaya.

The share of the property you own outright. Overpayments build it faster than the schedule alone would.

In context: Mortgage Extra Payment Calculator | Vicaya.

The share of the property you own outright. Your deposit is the equity you start with on day one.

In context: Mortgage Down Payment Calculator | Vicaya.

The property value less what you owe, expressed as an amount. It is the mirror image of loan-to-value.

In context: Loan-to-Value Calculator | Vicaya.

Value less all secured debt. It is the same position as the combined ratio, expressed as an amount.

In context: Combined Loan-to-Value Calculator | Vicaya.

The share of the property you own outright. It starts as your deposit and grows through repayment and any rise in value.

In context: Home Affordability Calculator | Vicaya.

Property value less all secured debt. This loan converts part of it into cash and a corresponding increase in what you owe.

In context: Home Equity Loan Calculator | Vicaya.

Equity build

How quickly a loan converts payments into ownership. Two loans with equal payments can build equity at different speeds.

In context: Mortgage Comparison Calculator | Vicaya.

Equity from appreciation

Ownership built by a rise in property value. It is the only source of equity available during an interest-only period.

In context: Interest-Only Mortgage Calculator | Vicaya.

Equity from payments

Ownership built by repaying principal. During an interest-only period it is exactly zero.

In context: Interest-Only Mortgage Calculator | Vicaya.

Equity position

How much of the property you own outright. A fuller comparison of two loans looks at this rather than payments alone.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

Escrow

An account a lender uses to collect and pay your property tax and insurance alongside the loan payment. It is reassessed periodically, so the amount collected can change.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

Tax and insurance collected with the payment. A recast changes the principal and interest portion only; escrow is unaffected.

In context: Mortgage Recast Calculator | Vicaya.

Property tax and insurance collected alongside the loan payment. It is not part of amortization, so it never appears in the schedule.

In context: Mortgage Amortization Calculator & Schedule | Vicaya.

Property tax and insurance collected alongside the loan. It is not part of the balance and cannot be paid off early.

In context: Mortgage Payoff Calculator & Schedule | Vicaya.

Tax and insurance collected with the payment. Existing escrow is usually refunded and re-established on the new loan.

In context: Mortgage Refinance Calculator | Vicaya.

Tax and insurance collected with the payment. The strategy concerns principal and interest only.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

Escrow costs

Property tax, insurance, and similar bills collected inside the monthly payment. Every unit of these reduces the payment available for principal and interest.

In context: Mortgage Affordability Calculator | Vicaya.

Property tax and insurance collected inside the monthly payment. They reduce the amount available for principal and interest.

In context: Home Affordability Calculator | Vicaya.

Property tax and insurance collected with the payment. They belong in the tested housing payment even though they are not loan costs.

In context: Mortgage Qualification Calculator | Vicaya.

Escrow deposit

An initial sum funding the account from which the lender will pay tax and insurance on your behalf.

In context: Closing Costs Calculator | Vicaya.

Estimated gap

The distance between projection and target. Only meaningful when both sides are expressed in the same units.

In context: Retirement Calculator | Vicaya.

Existing monthly debt

The recurring payments you already owe, such as car finance, student loans, and card minimums. These reduce the total-debt ceiling directly.

In context: Mortgage Affordability Calculator | Vicaya.

Recurring obligations such as car finance, loans, and card minimums. They count only in the total-debt test.

In context: Mortgage Qualification Calculator | Vicaya.

Extended warranty

A service contract sold alongside the vehicle. Often added to the financed amount, which means paying interest on it.

In context: Auto Loan Calculator | Vicaya.

Extra payment

An amount added on top of the scheduled figure. It applies entirely to the balance and shortens the loan from the end.

In context: Loan Repayment Calculator | Vicaya.

Extra principal

Any amount paid above the scheduled payment and applied directly to the balance. It shortens the loan and reduces total interest.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

Any amount paid above the scheduled payment and applied straight to the balance, which shortens the schedule from the end.

In context: Mortgage Amortization Calculator & Schedule | Vicaya.

An amount paid above the scheduled payment and applied straight to the balance, shortening the loan.

In context: Mortgage Payoff Calculator & Schedule | Vicaya.

An amount paid above the scheduled payment and applied directly to the balance. It shortens the loan and reduces total interest.

In context: Mortgage Extra Payment Calculator | Vicaya.

Federal withholding

Federal income tax held from a paycheck based on wages and W-4-style inputs.

In context: U.S. Paycheck Calculator | Vicaya; Hourly Paycheck Calculator | Overtime and Take-Home Pay; Salary Paycheck Calculator | Annual Salary to Take-Home Pay; Take-Home Pay Calculator | Estimate Net Pay After Taxes; Paystub Calculator and Checker | Compare Your Paycheck; W-4 Withholding Calculator | Estimate Federal Paycheck Withholding; Bonus Paycheck Calculator | Supplemental Wage Tax Estimate; Paycheck Comparison Calculator | Compare Pay Frequencies and Offers.

Fee drag

The compounding effect of annual charges, which removes both the fee and everything it would have earned.

In context: Investment Return Calculator | Vicaya.

Fee recovery point

How long a cheaper but fee-bearing loan takes to overtake a fee-free alternative. Before it the fee-free loan is ahead.

In context: Mortgage Comparison Calculator | Vicaya.

Fees drag

The compounding effect of charges, which reduces the growth component year after year. Not modelled here.

In context: Compound Interest Calculator | Vicaya.

FICA

Employee Social Security and Medicare payroll taxes.

In context: U.S. Paycheck Calculator | Vicaya; Hourly Paycheck Calculator | Overtime and Take-Home Pay; Salary Paycheck Calculator | Annual Salary to Take-Home Pay; Take-Home Pay Calculator | Estimate Net Pay After Taxes; Paystub Calculator and Checker | Compare Your Paycheck; W-4 Withholding Calculator | Estimate Federal Paycheck Withholding; Bonus Paycheck Calculator | Supplemental Wage Tax Estimate; Paycheck Comparison Calculator | Compare Pay Frequencies and Offers.

Finance charge

A cost of obtaining the credit itself, such as origination fees, points, or broker fees. These are what the APR incorporates.

In context: Mortgage APR Calculator | Vicaya.

A closing cost paid to obtain the credit. Only this subset feeds the APR calculation, though all of them leave your account.

In context: Closing Costs Calculator | Vicaya.

A cost paid in order to obtain the credit, such as origination fees, points, or broker fees. These are what the APR incorporates.

In context: APR Calculator | Vicaya.

Financed costs

Closing costs rolled into the new balance rather than paid up front, accruing interest for the life of the loan.

In context: Cash-Out Refinance Calculator | Vicaya.

Switching costs added to the new balance rather than paid up front. They then accrue interest for the life of the loan.

In context: Mortgage Refinance Calculator | Vicaya.

Fees rolled into the new balance rather than paid in cash. They still count in full, and they accrue interest.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

Charges rolled into the loan rather than paid up front. It avoids cash today and means paying interest on them for the term.

In context: Closing Costs Calculator | Vicaya.

First charge

The loan repaid first from any sale, normally the main mortgage. Its priority is why it is priced most keenly.

In context: Combined Loan-to-Value Calculator | Vicaya.

The primary mortgage, repaid first from any sale. Its priority is why it carries the keenest pricing.

In context: Home Equity Loan Calculator | Vicaya.

Fixed and adjustable rates

A fixed rate never changes for the life of the loan, while an adjustable rate can reset after an initial period. This calculator models a fixed rate.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

Fixed and variable rates

A fixed rate holds for the term; a variable rate can move. Switching between them is a common reason to refinance.

In context: Mortgage Refinance Calculator | Vicaya.

Fixed payment

Paying a constant amount regardless of what the minimum falls to. It is the single change that converts the schedule into ordinary repayment.

In context: Credit Card Minimum Payment Calculator | Vicaya.

Committing to a constant monthly amount regardless of what the minimum asks. It is the core of any effective payoff plan.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

Fixed period

The opening span during which the rate cannot change, indicated by the first number in a name such as 5/1.

In context: ARM Calculator | Vicaya.

Fixed rate

A rate that does not change for the term, which is what makes the total cost of a consolidation loan knowable in advance.

In context: Debt Consolidation Calculator | Vicaya.

A rate held for the term, which is what makes a full comparison projectable from the outset.

In context: Loan Comparison Calculator | Vicaya.

A rate that does not change, which is what makes a full schedule projectable from the first payment.

In context: Loan Repayment Calculator | Vicaya.

A rate that does not change for the life of the loan, which is the assumption this page models.

In context: Student Loan Calculator | Vicaya.

A rate that cannot change for the life of the loan, which makes the total cost knowable from the first payment.

In context: Personal Loan Calculator | Vicaya.

A rate that does not change for the life of the loan, which is what allows a full schedule to be projected reliably from the start.

In context: Mortgage Amortization Calculator & Schedule | Vicaya.

A rate held for the term, which is what makes a full projected comparison meaningful. Variable loans cannot be compared this way beyond their fixed period.

In context: Mortgage Comparison Calculator | Vicaya.

A rate held for the full term, the condition under which a mortgage APR is a meaningful projection rather than an assumption.

In context: Mortgage APR Calculator | Vicaya.

A rate that cannot change for the life of the loan, making the total cost knowable from the first payment.

In context: Home Equity Loan Calculator | Vicaya.

A rate that does not change, which is the condition under which an APR is a meaningful projection for the full term.

In context: APR Calculator | Vicaya.

Flat percentage minimum

An alternative structure using a fixed share of the balance, typically two to three percent, which behaves similarly.

In context: Credit Card Minimum Payment Calculator | Vicaya.

Flexibility value

The worth of being able to move without selling. Real, decision-relevant, and impossible to put in a spreadsheet.

In context: Rent vs Buy Calculator | Vicaya.

Forbearance

A temporary reduction or suspension of payments, usually with interest continuing to accrue and capitalise afterwards.

In context: Student Loan Calculator | Vicaya.

Forgiveness

Cancellation of a remaining balance after a qualifying period or service. Where it applies, overpaying can be counterproductive.

In context: Student Loan Calculator | Vicaya.

Fractional points

Buying part of a point, such as a half or a quarter. Most lenders allow it, which makes the trade more granular than it first appears.

In context: Mortgage Points Calculator | Vicaya.

Freeze or reduction

A lender’s right to suspend or cut an undrawn line, typically if property values fall or your circumstances change.

In context: HELOC Calculator | Vicaya.

Front-end ratio

The housing payment alone as a share of gross monthly income. A commonly cited guideline is around 28%.

In context: Debt-to-Income Calculator | Vicaya.

Front-loaded contributions

Depositing more in the early years, which produces a materially larger outcome than the same total contributed later.

In context: Compound Interest Calculator | Vicaya.

Front-loaded interest

The pattern by which early payments are mostly interest, because interest is charged on the largest balance at the start of the loan.

In context: Mortgage Amortization Calculator & Schedule | Vicaya.

Fully indexed rate

Index plus margin at a given moment. The single most useful figure for judging where an ARM would sit today.

In context: ARM Calculator | Vicaya.

FUTA

Federal unemployment tax, subject to federal rules and wage-base limits.

In context: Payroll Cost Calculator | Estimate Employer Payroll Costs.

Future money

A figure expressed in the currency of a later year. Projections are naturally in these units because they grow nominal amounts.

In context: Retirement Calculator | Vicaya.

Future value

The projected balance at the end of the period, combining the grown starting amount and the grown contributions.

In context: Compound Interest Calculator | Vicaya.

Gap protection

Cover for the difference between what insurance pays on a write-off and what is still owed. Relevant precisely when you are underwater.

In context: Auto Loan Calculator | Vicaya.

Gift funds

Deposit money provided by a family member. Most lenders permit it but require documentation confirming it is not a loan.

In context: Mortgage Down Payment Calculator | Vicaya.

Grace period

The window in which new purchases incur no interest if the statement is paid in full. Carrying a transferred balance usually forfeits it.

In context: Balance Transfer Calculator | Vicaya.

The window in which purchases incur no interest if the statement is paid in full. Carrying a balance generally forfeits it.

In context: Credit Card Minimum Payment Calculator | Vicaya.

The window in which a new purchase incurs no interest if the statement balance is paid in full. Carrying a balance usually forfeits it.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

A window after study before repayment starts. Interest often continues to accrue during it depending on the scheme.

In context: Student Loan Calculator | Vicaya.

Gross income

Income before tax and deductions. Lenders assess against this figure, which is why an affordable-looking result can still feel tight against take-home pay.

In context: Mortgage Affordability Calculator | Vicaya.

Income before tax and deductions. Lenders assess against it, which is why an affordable-looking price can still feel demanding.

In context: Home Affordability Calculator | Vicaya.

Gross monthly income

Income before tax and deductions. Lenders use it because it is comparable between borrowers, though it flatters the ratio relative to take-home pay.

In context: Debt-to-Income Calculator | Vicaya.

Income before tax and deductions. Both tests measure against it, which is why a pass can still feel demanding in practice.

In context: Mortgage Qualification Calculator | Vicaya.

Gross pay

Pay before taxes and deductions for the selected pay period.

In context: U.S. Paycheck Calculator | Vicaya; Hourly Paycheck Calculator | Overtime and Take-Home Pay; Salary Paycheck Calculator | Annual Salary to Take-Home Pay; Take-Home Pay Calculator | Estimate Net Pay After Taxes; Paystub Calculator and Checker | Compare Your Paycheck; W-4 Withholding Calculator | Estimate Federal Paycheck Withholding; Bonus Paycheck Calculator | Supplemental Wage Tax Estimate; Paycheck Comparison Calculator | Compare Pay Frequencies and Offers.

Employment pay before the modeled taxes and deductions.

In context: Take-Home Pay Calculator UK 2026/27 | Salary After Tax.

Gross wages

Employee wages before employee taxes and deductions.

In context: Payroll Cost Calculator | Estimate Employer Payroll Costs.

Growth component

The portion of the final balance not contributed by you. It supplied roughly three quarters of the example outcome.

In context: Investment Return Calculator | Vicaya.

The portion of the final balance not contributed by you. Watching it overtake contributions is the clearest illustration of compounding.

In context: Compound Interest Calculator | Vicaya.

Guaranteed return

A certain outcome, such as avoiding interest by clearing debt. It is the benchmark an uncertain market return should beat.

In context: Investment Return Calculator | Vicaya.

The certain benefit of avoiding interest, equal to the loan rate and free of market risk.

In context: Mortgage Payoff Calculator & Schedule | Vicaya.

The certain saving from avoiding interest, equal to the loan rate. It carries no market risk, unlike an investment return.

In context: Mortgage Extra Payment Calculator | Vicaya.

Half payment

Exactly half the ordinary monthly figure, paid fortnightly. Paying less than half removes the benefit entirely.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

Hard inquiry

The credit check made when applying for the new card, causing a small temporary dip in a credit score.

In context: Balance Transfer Calculator | Vicaya.

A credit check made when applying. It causes a small temporary dip in a credit score.

In context: Debt Consolidation Calculator | Vicaya.

A full credit check made when you formally apply, which causes a small temporary dip in a credit score.

In context: Personal Loan Calculator | Vicaya.

Headroom

The distance between your current ratio and a lender’s limit, expressed as the monthly payment you could still add before crossing it.

In context: Debt-to-Income Calculator | Vicaya.

The margin by which a test is passed, expressed as a monthly amount. It shows how much could change before the verdict flips.

In context: Mortgage Qualification Calculator | Vicaya.

Held payment

A lender practice of accumulating fortnightly amounts until a full monthly payment exists before applying it, reducing the timing benefit.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

Home equity

The property’s value less every loan secured on it. It is the portion you own outright, expressed as an amount rather than a ratio.

In context: Home Equity Calculator | Vicaya.

Home equity line

A revolving facility secured on the property. Lenders cap it by combined loan-to-value rather than the first mortgage alone.

In context: Loan-to-Value Calculator | Vicaya.

Home equity line of credit

A revolving secured facility, useful when the amount or timing of the need is uncertain.

In context: Cash-Out Refinance Calculator | Vicaya.

A revolving secured facility. Only drawn amounts are debt, but the limit may still be assessed against you.

In context: Combined Loan-to-Value Calculator | Vicaya.

A revolving facility secured on the property. Only the amount drawn reduces equity, though lenders may assess the full limit.

In context: Home Equity Calculator | Vicaya.

A revolving facility secured on your property, allowing repeated draws up to a limit with interest charged only on the balance used.

In context: HELOC Calculator | Vicaya.

The revolving, variable-rate alternative. Better where the amount or timing of the need is uncertain.

In context: Home Equity Loan Calculator | Vicaya.

Home equity loan

A fixed-rate lump sum secured as a second charge, and the most direct alternative to a cash-out refinance.

In context: Cash-Out Refinance Calculator | Vicaya.

A lump sum secured as a second charge and repaid on a fixed schedule. It raises the combined ratio immediately.

In context: Combined Loan-to-Value Calculator | Vicaya.

A lump sum borrowed against equity and repaid on a fixed schedule, secured as a second charge on the property.

In context: Home Equity Calculator | Vicaya.

The fixed-rate lump-sum alternative. Better suited to a known, one-off cost repaid on a set schedule.

In context: HELOC Calculator | Vicaya.

A fixed-rate lump sum secured against a property you already own, repaid in equal instalments over a set term.

In context: Home Equity Loan Calculator | Vicaya.

Horizon

How long you realistically expect to keep the loan. It is the period over which any comparison should be judged.

In context: Mortgage Refinance Calculator | Vicaya.

How long you realistically expect to keep the loan, which is the shorter of staying put and refinancing again.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

The period you realistically expect to keep the loan. It is the fairest basis for comparing offers, since few mortgages run their full term.

In context: Mortgage Comparison Calculator | Vicaya.

How long you expect to keep the mortgage. APR assumes the full term, which is why short horizons distort its ranking.

In context: Mortgage APR Calculator | Vicaya.

How long you expect to keep the loan. It is the single fact that decides whether points pay off.

In context: Mortgage Points Calculator | Vicaya.

How long you expect to hold the loan. An ARM rewards a short one and punishes an open-ended one.

In context: ARM Calculator | Vicaya.

How long you expect to keep the loan. APR assumes it is the full term, which is why short horizons distort the comparison.

In context: APR Calculator | Vicaya.

Housing payment

Everything a lender counts as housing cost: principal, interest, property tax, insurance, mortgage insurance, and association dues.

In context: Mortgage Qualification Calculator | Vicaya.

Housing ratio

The share of gross income a lender will allow for the housing payment alone, also called the front-end ratio. A commonly cited figure is 28%.

In context: Mortgage Affordability Calculator | Vicaya.

The share of gross income a lender allows for the housing payment alone. It is one of the two ceilings behind the loan figure.

In context: Home Affordability Calculator | Vicaya.

Housing ratio test

Checks the full housing payment alone against a share of gross income, conventionally around 28%. Also called the front-end test.

In context: Mortgage Qualification Calculator | Vicaya.

Hybrid ARM

The common structure combining a multi-year fixed period with periodic adjustments afterwards, such as 5/1 or 7/6.

In context: ARM Calculator | Vicaya.

Imputed rent

The value of living in a home you own rather than renting it. Implicit in this comparison rather than stated separately.

In context: Rent vs Buy Calculator | Vicaya.

Income-driven repayment

A plan where the payment is set as a share of income rather than by the balance. Not modelled here, as the rules vary by country.

In context: Student Loan Calculator | Vicaya.

Index

The published benchmark the rate tracks. It moves with market conditions and is outside your control or the lender’s.

In context: ARM Calculator | Vicaya.

The published benchmark a variable rate follows, with the lender adding a margin on top.

In context: HELOC Calculator | Vicaya.

Inflation adjustment

Growing today’s desired income into the money of your retirement year, so the target and the projection share units.

In context: Retirement Calculator | Vicaya.

Initial adjustment cap

The limit applying to the first reset specifically, frequently larger than the caps on later adjustments.

In context: ARM Calculator | Vicaya.

Initial investment

The amount invested at the outset, which compounds for the entire horizon and therefore works hardest.

In context: Investment Return Calculator | Vicaya.

Instalment credit

Borrowing repaid in fixed amounts over a defined term, with a known end date. The opposite of revolving credit such as a card.

In context: Personal Loan Calculator | Vicaya.

Instalment debt

A loan repaid in fixed amounts over a set term. It has a defined end date, which is a genuine advantage over revolving credit.

In context: Debt Consolidation Calculator | Vicaya.

Instalment loan

Borrowing repaid in equal amounts over a defined term with a known end date, as distinct from revolving credit.

In context: Loan Repayment Calculator | Vicaya.

Interest

The lender’s charge for the loan, worked out each period on the balance you still owe. Because the balance falls over time, the interest share of a fixed payment falls with it.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

Interest portion

The part consumed by the month’s interest charge. It is deducted before anything reaches the balance.

In context: Credit Card Minimum Payment Calculator | Vicaya.

The part of a payment consumed by the period’s interest charge before anything reaches the balance.

In context: Loan Repayment Calculator | Vicaya.

The part of a payment that pays the lender’s charge for the period. It is calculated on the balance outstanding, so it shrinks as the balance does.

In context: Mortgage Amortization Calculator & Schedule | Vicaya.

Interest saved

The difference in total interest between the schedule with overpayments and the schedule without.

In context: Mortgage Extra Payment Calculator | Vicaya.

Interest-only mortgage

A loan whose payments cover only accrued interest for a defined opening period, leaving the balance entirely unchanged.

In context: Interest-Only Mortgage Calculator | Vicaya.

Interest-only payment

A payment covering only accrued interest, leaving the balance completely unchanged however long it is paid.

In context: HELOC Calculator | Vicaya.

Interest-only period

A phase in which payments cover interest alone, so the balance does not fall. No amortization happens during it.

In context: Mortgage Amortization Calculator & Schedule | Vicaya.

The opening span during which no principal is repaid. It ends on a known date fixed at the outset.

In context: Interest-Only Mortgage Calculator | Vicaya.

Interest-only stress test

A lender check that the borrower could afford the repayment-phase payment, not merely the interest-only one.

In context: Interest-Only Mortgage Calculator | Vicaya.

Irregular income

Earnings that arrive unevenly. The main legitimate case for interest-only, since it pairs a low floor with voluntary capacity.

In context: Interest-Only Mortgage Calculator | Vicaya.

Iterative solution

Finding a value by successive approximation. The APR cannot be isolated algebraically, so it is computed this way.

In context: Mortgage APR Calculator | Vicaya.

Finding a value by repeated approximation because it cannot be isolated algebraically. This is how APR is computed.

In context: APR Calculator | Vicaya.

Lender cap

The maximum combined ratio a lender will allow, commonly between 80% and 85%. It determines remaining borrowing capacity.

In context: Combined Loan-to-Value Calculator | Vicaya.

The maximum share of a property’s value a lender will allow across all secured borrowing, commonly between 80% and 85%.

In context: Home Equity Calculator | Vicaya.

The maximum combined ratio permitted, commonly 80% to 85%. Applied to value and reduced by the first mortgage to give the line.

In context: HELOC Calculator | Vicaya.

The maximum share of property value permitted across all secured borrowing, which determines how much is available.

In context: Home Equity Loan Calculator | Vicaya.

Lender credit

A contribution toward costs in exchange for a higher rate. It reduces finance charges and can narrow or invert the usual gap.

In context: Mortgage APR Calculator | Vicaya.

The reverse trade, where accepting a higher rate has the lender cover some of your costs. Sometimes called negative points.

In context: Mortgage Points Calculator | Vicaya.

A contribution toward costs in exchange for accepting a higher rate. It reduces cash needed today and raises the rate you pay.

In context: Closing Costs Calculator | Vicaya.

Lifetime cap

The ceiling the rate can never exceed over the life of the loan. It defines the worst-case payment you have agreed to.

In context: ARM Calculator | Vicaya.

Lifetime cost

What the borrowing costs across its whole life. The right priority when monthly capacity is not the binding constraint.

In context: Loan Comparison Calculator | Vicaya.

Like-for-like comparison

Comparing offers on matched terms and amounts, so only rate and fees differ. It turns a hard decision into a simple one.

In context: Loan Comparison Calculator | Vicaya.

Comparing loans on the same term and the same basis. Without it, differences in structure masquerade as differences in price.

In context: Mortgage Comparison Calculator | Vicaya.

Comparing APRs on loans of the same amount and term. Outside those conditions the figure loses much of its reliability.

In context: APR Calculator | Vicaya.

Liquidity

How readily money can be accessed. A lump sum committed to a recast becomes illiquid, which is the main argument for keeping reserves.

In context: Mortgage Recast Calculator | Vicaya.

How readily money can be accessed. Cash paid into a mortgage is hard to retrieve, which argues for savings first.

In context: Mortgage Payoff Calculator & Schedule | Vicaya.

How easily money can be accessed. Cash paid into a mortgage is illiquid, which is the main argument for an emergency fund first.

In context: Mortgage Extra Payment Calculator | Vicaya.

Loan amount

The full principal on which interest is charged, as distinct from the smaller net amount you actually receive.

In context: APR Calculator | Vicaya.

Loan estimate

The standardised disclosure setting out rate, APR, and charges, designed so quotes can be compared on a common footing.

In context: Mortgage APR Calculator | Vicaya.

A standardised disclosure of expected charges, designed so quotes from different lenders can be compared on a common footing.

In context: Closing Costs Calculator | Vicaya.

Loan principal

The amount borrowed, being the purchase price less your deposit. Every unit of it accrues interest.

In context: Mortgage Down Payment Calculator | Vicaya.

Loan programme

A specific lending product with its own ratio limits, deposit rules, and insurance requirements. Programmes differ widely by country and by lender.

In context: Mortgage Affordability Calculator | Vicaya.

A specific product with its own ratio limits. Government-backed and specialist programmes often permit considerably higher figures.

In context: Mortgage Qualification Calculator | Vicaya.

Loan to value

The loan expressed as a percentage of the property value. A lower loan to value generally earns better rates and avoids mortgage insurance.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

The loan as a share of property value. It rises immediately on a cash-out and determines the pricing available.

In context: Cash-Out Refinance Calculator | Vicaya.

The balance as a percentage of the property value. A lump sum improves it, which can matter for future borrowing.

In context: Mortgage Recast Calculator | Vicaya.

The balance expressed as a percentage of the property value. Falling balances and rising values both improve it.

In context: Mortgage Amortization Calculator & Schedule | Vicaya.

The balance as a percentage of the property value. Falling faster through overpayment can unlock better rates later.

In context: Mortgage Payoff Calculator & Schedule | Vicaya.

The balance as a percentage of the property value. Overpaying improves it, which can help when remortgaging.

In context: Mortgage Extra Payment Calculator | Vicaya.

The loan as a percentage of the property value. Lenders price in bands around it, so thresholds matter more than small changes.

In context: Mortgage Down Payment Calculator | Vicaya.

The loan expressed as a percentage of the property value. It measures the lender’s exposure and drives pricing and insurance.

In context: Loan-to-Value Calculator | Vicaya.

The same ratio for a single loan, usually the first mortgage. It can look comfortable while the combined figure does not.

In context: Combined Loan-to-Value Calculator | Vicaya.

Secured debt as a percentage of value. It is the same position as equity, expressed the way lenders price against.

In context: Home Equity Calculator | Vicaya.

The loan as a percentage of the property value. It affects the rate offered and whether mortgage insurance is required.

In context: Mortgage Affordability Calculator | Vicaya.

The loan as a percentage of the property value. It governs the rates offered and whether mortgage insurance is required.

In context: Home Affordability Calculator | Vicaya.

The loan as a percentage of the property value. It determines the pricing available and whether insurance is required.

In context: Mortgage Refinance Calculator | Vicaya.

The loan as a percentage of the property value. It determines what pricing is available and therefore the size of any saving.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

The loan as a percentage of the property value. Using cash to improve it can beat spending the same cash on points.

In context: Mortgage Points Calculator | Vicaya.

The balance as a share of property value. It does not improve through payments during an interest-only period.

In context: Interest-Only Mortgage Calculator | Vicaya.

Local withholding

City, county, or other local payroll withholding when it applies and is entered or supported.

In context: U.S. Paycheck Calculator | Vicaya; Hourly Paycheck Calculator | Overtime and Take-Home Pay; Salary Paycheck Calculator | Annual Salary to Take-Home Pay; Take-Home Pay Calculator | Estimate Net Pay After Taxes; Paystub Calculator and Checker | Compare Your Paycheck; W-4 Withholding Calculator | Estimate Federal Paycheck Withholding; Bonus Paycheck Calculator | Supplemental Wage Tax Estimate; Paycheck Comparison Calculator | Compare Pay Frequencies and Offers.

Longevity risk

The possibility of outliving your savings, which is what a conservative withdrawal rate is designed to guard against.

In context: Retirement Calculator | Vicaya.

Lookback period

The window before a reset from which the index value is taken, meaning your new rate is set slightly before it applies.

In context: ARM Calculator | Vicaya.

Lump sum

A single large payment applied to principal. It is the trigger for a recast and must meet the lender’s minimum.

In context: Mortgage Recast Calculator | Vicaya.

A single large payment against the balance. Mechanically identical to a recurring extra, but it starts working sooner.

In context: Mortgage Payoff Calculator & Schedule | Vicaya.

The full amount advanced at completion. Unlike a credit line, it cannot be drawn in stages or redrawn once repaid.

In context: Home Equity Loan Calculator | Vicaya.

Lump sum payment

A single large amount paid against the balance, as distinct from a recurring extra. The same mechanics apply.

In context: Mortgage Extra Payment Calculator | Vicaya.

Maintenance rate

Annual upkeep expressed as a percentage of home value, a common convention since repair costs scale with the property.

In context: Rent vs Buy Calculator | Vicaya.

Manual rate

A user-entered rate or amount used when a cost is too employer-specific to guess.

In context: Payroll Cost Calculator | Estimate Employer Payroll Costs.

Manufacturer rebate

A cash incentive on the purchase, frequently offered as an alternative to a subsidised finance rate rather than alongside it.

In context: Auto Loan Calculator | Vicaya.

Margin

The fixed percentage the lender adds to the index. Set at signing, never changes, and applies to every future reset.

In context: ARM Calculator | Vicaya.

The fixed percentage a lender adds to the index. It does not change even when the index does.

In context: HELOC Calculator | Vicaya.

Maturity date

The date the loan is scheduled to end. A recast preserves it exactly; an overpayment brings it forward.

In context: Mortgage Recast Calculator | Vicaya.

Minimum lump sum

The smallest amount a lender will accept to trigger a recast, expressed either as a figure or as a share of the balance.

In context: Mortgage Recast Calculator | Vicaya.

Minimum payment

The smallest amount the issuer requires. Paying it during a promotion is the most reliable way to waste the opportunity.

In context: Balance Transfer Calculator | Vicaya.

The smallest amount an issuer will accept without treating the account as delinquent. It is a threshold, not a recommendation.

In context: Credit Card Minimum Payment Calculator | Vicaya.

The smallest amount an issuer will accept, usually a small percentage of the balance plus interest, subject to a floor. It shrinks as the balance falls.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

The smallest amount a card issuer requires each month. Lenders count this figure in the ratio, not the larger amount you might normally pay.

In context: Debt-to-Income Calculator | Vicaya.

Minimum payment warning

A disclosure on many statements showing how long the balance would take to clear at the minimum. It is worth reading.

In context: Credit Card Minimum Payment Calculator | Vicaya.

Monthly contribution

The amount added each month. One of only two levers that genuinely change your position.

In context: Retirement Calculator | Vicaya.

Monthly equivalent

Adding one twelfth of the payment to each month, which contributes the same annual extra without changing your payment schedule.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

Monthly payment

The scheduled amount due each period. It can be lowered by a better rate or a longer term, and cannot tell you which.

In context: Loan Comparison Calculator | Vicaya.

Monthly saving

The current payment less the new payment. Only meaningful as a saving when the terms are comparable.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

Mortgage APR

The note rate with lender finance charges folded in, expressed annually so mortgage quotes with different fee structures can be ranked.

In context: Mortgage APR Calculator | Vicaya.

Mortgage insurance

A premium many lenders require when the deposit is below about a fifth of the price. It protects the lender rather than you, and can usually be cancelled once you hold enough equity.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

A premium usually required when the deposit falls below a lender threshold. It protects the lender, adds nothing to your equity, and can often be removed later.

In context: Mortgage Down Payment Calculator | Vicaya.

A premium commonly required above about 80% loan-to-value. It protects the lender and adds nothing to your equity.

In context: Loan-to-Value Calculator | Vicaya.

A premium applied above certain ratios. The combined figure, not the first mortgage alone, is often what triggers it.

In context: Combined Loan-to-Value Calculator | Vicaya.

A premium required below certain equity levels. Reaching roughly a fifth of value in equity is commonly what removes it.

In context: Home Equity Calculator | Vicaya.

A premium often required when the deposit is small. It adds to the monthly housing cost and therefore reduces what you can borrow.

In context: Mortgage Affordability Calculator | Vicaya.

A premium many lenders require when the deposit is small. It adds to the monthly cost and therefore reduces borrowing power.

In context: Home Affordability Calculator | Vicaya.

A premium required below certain deposit levels. It counts within the housing payment and can be what pushes a test into failure.

In context: Mortgage Qualification Calculator | Vicaya.

A premium required below certain deposit levels. Avoiding it with the same cash is often a stronger use than buying rate.

In context: Mortgage Points Calculator | Vicaya.

National Insurance

A separate employee payroll deduction calculated under Class 1 rules.

In context: Take-Home Pay Calculator UK 2026/27 | Salary After Tax.

Negative amortization

What happens when a payment does not cover the interest, so the balance grows. No valid schedule exists in that case.

In context: Loan Repayment Calculator | Vicaya.

What happens when a payment does not cover the interest due and the shortfall is added to the balance, so the debt grows despite payments being made.

In context: Mortgage Amortization Calculator & Schedule | Vicaya.

A balance that grows because a capped payment does not cover the interest due. Rare in modern products but worth confirming is excluded.

In context: ARM Calculator | Vicaya.

Negative compounding

The same mechanism applied to debt, where interest joins the balance and accelerates growth against you.

In context: Compound Interest Calculator | Vicaya.

Negative equity

Owing more on a vehicle than it is worth. Rolling it into a new loan carries the shortfall forward with interest.

In context: Auto Loan Calculator | Vicaya.

The amount by which the debt exceeds the property value. It is not a default, but it removes most refinancing options.

In context: Loan-to-Value Calculator | Vicaya.

A combined ratio above 100%, meaning secured debt exceeds value. It removes further borrowing entirely.

In context: Combined Loan-to-Value Calculator | Vicaya.

Owing more than the property is worth. It blocks borrowing against the property and complicates selling, but is not a default.

In context: Home Equity Calculator | Vicaya.

Net amount received

The loan less the finance charges, representing the money genuinely available to you. The APR is the rate implied against this figure.

In context: APR Calculator | Vicaya.

Net benefit to buying

The difference between the two totals. A positive figure favours buying and a negative one favours renting.

In context: Rent vs Buy Calculator | Vicaya.

Net pay

Estimated take-home pay after taxes and deductions are subtracted.

In context: U.S. Paycheck Calculator | Vicaya; Hourly Paycheck Calculator | Overtime and Take-Home Pay; Salary Paycheck Calculator | Annual Salary to Take-Home Pay; Take-Home Pay Calculator | Estimate Net Pay After Taxes; Paystub Calculator and Checker | Compare Your Paycheck; W-4 Withholding Calculator | Estimate Federal Paycheck Withholding; Bonus Paycheck Calculator | Supplemental Wage Tax Estimate; Paycheck Comparison Calculator | Compare Pay Frequencies and Offers.

Estimated take-home pay after the modeled deductions.

In context: Take-Home Pay Calculator UK 2026/27 | Salary After Tax.

Net proceeds

What actually reaches you on a sale: value less the loan and less selling costs. Always less than equity.

In context: Home Equity Calculator | Vicaya.

No-cost refinance

A refinance where fees are covered by accepting a higher rate. Break-even is immediate, but the ongoing saving is smaller.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

Nominal growth

Growth before inflation, which is what the projection uses and why the target must be inflated to match.

In context: Retirement Calculator | Vicaya.

Nominal rate

A stated annual rate before compounding effects or fees are considered. The note rate is a nominal figure.

In context: APR Calculator | Vicaya.

Nominal return

Growth before inflation, which is what quoted rates and this projection express.

In context: Investment Return Calculator | Vicaya.

Growth before inflation, which is what a quoted rate normally expresses and what this projection uses.

In context: Compound Interest Calculator | Vicaya.

Note rate

The interest rate your payment is actually built from, stated on the loan agreement. This is the rate to enter in a payment calculator.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

The rate the payment is calculated from, as distinct from the APR which folds in certain fees.

In context: Loan Comparison Calculator | Vicaya.

The interest rate the payment is calculated from, as distinct from the APR, which folds in certain fees for comparison.

In context: Mortgage Refinance Calculator | Vicaya.

The rate the payment is built from, as distinct from the APR which bundles certain fees for comparison.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

The rate the payment is built from, as opposed to the APR which folds certain fees into one comparison figure.

In context: Mortgage Comparison Calculator | Vicaya.

The contractual rate stated on the mortgage. It alone determines your monthly payment, and it is never higher than the APR.

In context: Mortgage APR Calculator | Vicaya.

The rate the payment is calculated from. Points reduce this figure directly.

In context: Mortgage Points Calculator | Vicaya.

The contractual interest rate stated on the loan agreement. It is what the payment is calculated from, and always at or below the APR.

In context: APR Calculator | Vicaya.

Opportunity cost

What money used for overpayment could have achieved elsewhere, such as clearing higher-rate debt first.

In context: Loan Repayment Calculator | Vicaya.

The benefit given up by using money for one purpose rather than another, such as overpaying instead of investing.

In context: Mortgage Extra Payment Calculator | Vicaya.

What the money spent on fees could have earned elsewhere. Ignored by the simple calculation, and minor unless break-even is marginal.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

What money spent on fees could have earned elsewhere. It slightly favours the fee-free option and is not modelled here.

In context: Mortgage Comparison Calculator | Vicaya.

What the cash spent on points could have achieved elsewhere, such as a larger deposit or an emergency fund.

In context: Mortgage Points Calculator | Vicaya.

The benefit given up by choosing one path. Here it is what a buyer’s deposit could have earned elsewhere.

In context: Rent vs Buy Calculator | Vicaya.

What the extra payments could have achieved elsewhere, such as clearing higher-rate debt first.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

Opportunity cost of delay

What a postponed start costs. In the worked example, ten years of waiting cost almost 195,000.

In context: Compound Interest Calculator | Vicaya.

Origination fee

A charge for arranging the loan, often a percentage of the amount. It is usually added to the balance and accrues interest.

In context: Debt Consolidation Calculator | Vicaya.

A charge for arranging a loan. Excluded from this comparison, which is why fee-bearing offers look better here than they are.

In context: Loan Comparison Calculator | Vicaya.

A charge for arranging the loan, usually a percentage of the amount. It is commonly deducted from the advance rather than added to the balance.

In context: Personal Loan Calculator | Vicaya.

A lender charge for arranging the mortgage, usually a percentage of the loan and one of the largest contributors to the gap.

In context: Mortgage APR Calculator | Vicaya.

A lender charge for arranging the loan, usually a percentage of the amount. Typically the most negotiable single line.

In context: Closing Costs Calculator | Vicaya.

A charge for arranging a loan, usually a percentage of the amount. One of the most common contributors to a rate–APR gap.

In context: APR Calculator | Vicaya.

Origination point

A fee charged for processing the loan, also quoted as a percentage. It buys no rate reduction and should not be confused with a discount point.

In context: Mortgage Points Calculator | Vicaya.

Outstanding balance

What you still owe at a given point. This is the figure that matters for selling, refinancing, or working out equity.

In context: Mortgage Amortization Calculator & Schedule | Vicaya.

What you owe today. It is the starting point for any payoff plan, not the amount you originally borrowed.

In context: Mortgage Payoff Calculator & Schedule | Vicaya.

What you still owe. Interest is charged on it each period, which is why reducing it early has such a large effect.

In context: Mortgage Extra Payment Calculator | Vicaya.

What you currently owe. It is the numerator of the ratio and the part you can influence directly.

In context: Loan-to-Value Calculator | Vicaya.

What you owe today. It becomes the principal of the new loan, plus any costs you choose to finance.

In context: Mortgage Refinance Calculator | Vicaya.

Overpayment allocation

How a servicer applies an extra amount. Without instruction it may prepay future instalments or spread across loans rather than cutting principal.

In context: Student Loan Calculator | Vicaya.

Ownership costs

Property tax, insurance, maintenance, and association dues. Recurring, growing, and absent from the mortgage payment.

In context: Rent vs Buy Calculator | Vicaya.

Paper equity

Equity that exists in a valuation but has not been realised or borrowed against. It can fall as easily as it rose.

In context: Home Equity Calculator | Vicaya.

Par rate

The rate available with neither points paid nor lender credit taken. It is the baseline the charges are measured against.

In context: Mortgage APR Calculator | Vicaya.

The rate offered with no points paid and no lender credit taken. It is the baseline the trade is measured against.

In context: Mortgage Points Calculator | Vicaya.

Part and part

An arrangement splitting the loan between interest-only and repayment portions, moderating both the payment and the eventual step.

In context: Interest-Only Mortgage Calculator | Vicaya.

Pay frequency

How often wages are paid, such as weekly, biweekly, semimonthly, or monthly.

In context: U.S. Paycheck Calculator | Vicaya; Hourly Paycheck Calculator | Overtime and Take-Home Pay; Salary Paycheck Calculator | Annual Salary to Take-Home Pay; Take-Home Pay Calculator | Estimate Net Pay After Taxes; Paystub Calculator and Checker | Compare Your Paycheck; W-4 Withholding Calculator | Estimate Federal Paycheck Withholding; Bonus Paycheck Calculator | Supplemental Wage Tax Estimate; Paycheck Comparison Calculator | Compare Pay Frequencies and Offers.

PAYE

Pay As You Earn, the system employers use to deduct income tax from employment pay.

In context: Take-Home Pay Calculator UK 2026/27 | Salary After Tax.

Payment allocation

How an issuer distributes payments across balances at different rates. Rules commonly favour clearing the lower-rate balance first.

In context: Balance Transfer Calculator | Vicaya.

How an issuer applies a payment across balances at different rates. Amounts above the minimum are commonly applied to the highest rate portion.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

Payment floor

The absolute smallest payment, often a small fixed sum. Without it the schedule would never mathematically terminate.

In context: Credit Card Minimum Payment Calculator | Vicaya.

Payment frequency

How often payments are made. Changing it alters both the periodic rate and the number of periods together.

In context: Loan Repayment Calculator | Vicaya.

How often payments are made. Changing it alters both the periodic rate applied and the number of periods.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

Payment relief

The monthly reduction a recast delivers, roughly proportional to the share of the balance cleared.

In context: Mortgage Recast Calculator | Vicaya.

Payment shock

A large increase between current housing costs and proposed ones. Lenders watch it alongside the ratio because it predicts strain.

In context: Debt-to-Income Calculator | Vicaya.

A large jump between what you pay for housing now and what you would pay after buying. Lenders watch it because it predicts difficulty better than income alone.

In context: Mortgage Affordability Calculator | Vicaya.

The jump between what you pay for housing now and what you would pay after buying. Worth testing before committing to a ceiling.

In context: Home Affordability Calculator | Vicaya.

A large jump from current housing costs to proposed ones. Lenders weigh it alongside the ratio tests.

In context: Mortgage Qualification Calculator | Vicaya.

The strain of a payment larger than you are used to. It is a reason to weight the monthly measure more heavily than the arithmetic suggests.

In context: Mortgage Comparison Calculator | Vicaya.

The jump in payment at a reset, amplified because the balance is re-amortized over a shorter remaining term.

In context: ARM Calculator | Vicaya.

The jump in payment at the transition between phases, as principal repayment is added and compressed into fewer years.

In context: HELOC Calculator | Vicaya.

Payment step

The increase at the transition between phases. It arrives at once rather than gradually, on a date known from the start.

In context: Interest-Only Mortgage Calculator | Vicaya.

Payment-first negotiation

Discussing the monthly figure rather than the price. It lets a seller satisfy your target by extending the term instead of reducing cost.

In context: Auto Loan Calculator | Vicaya.

Payoff acceleration

The reduction in the number of payments. An 8% annual increase in payments removed nearly a fifth of the term in the example.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

Payoff amount

What a lender requires to close the loan on a given date. It is the balance plus interest accrued since the last payment, so it differs slightly from a schedule row.

In context: Mortgage Amortization Calculator & Schedule | Vicaya.

What a lender requires to close the loan on a given day: the balance plus interest accrued since the last payment, and any fees.

In context: Mortgage Payoff Calculator & Schedule | Vicaya.

Payoff date

The date the balance reaches zero. Overpayments bring it forward by removing payments from the end of the schedule.

In context: Mortgage Payoff Calculator & Schedule | Vicaya.

The date the balance reaches zero. Overpayments pull it earlier by removing payments from the end of the schedule.

In context: Mortgage Extra Payment Calculator | Vicaya.

Payoff period

How long each loan takes to clear. A difference here means the two loans occupy different spans of your life.

In context: Loan Comparison Calculator | Vicaya.

How many payments are actually made once any overpayment is taken into account, which can be well short of the contractual term.

In context: Loan Repayment Calculator | Vicaya.

Penalty rate

A higher rate applied after a missed payment. On a promotional card it can end the promotion immediately.

In context: Balance Transfer Calculator | Vicaya.

A higher rate applied after missed payments. It raises both the interest and the minimum, worsening an already slow schedule.

In context: Credit Card Minimum Payment Calculator | Vicaya.

A higher rate applied after missed payments or a breach of terms. It can substantially worsen an existing plan.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

Percentage plus interest

A common minimum formula: a small share of the balance added to the month’s interest, so the payment always covers interest with a little left over.

In context: Credit Card Minimum Payment Calculator | Vicaya.

Periodic cap

The maximum the rate may move at a single adjustment, limiting the speed of change rather than its destination.

In context: ARM Calculator | Vicaya.

Periodic contribution

The amount added each period. Its earliest instalments contribute disproportionately because they compound longest.

In context: Compound Interest Calculator | Vicaya.

Periodic rate

The interest rate for a single payment period, found by dividing the annual rate by the number of payments in a year. It is the r in the amortization formula.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

The annual rate divided by the number of compounding periods in a year, applied at each step.

In context: Compound Interest Calculator | Vicaya.

The annual rate divided by payments per year. Applying the same convention to both loans removes a common source of error.

In context: Loan Comparison Calculator | Vicaya.

The rate applied in a single period, found by dividing the annual rate by the number of payments in a year.

In context: Loan Repayment Calculator | Vicaya.

The interest rate applied in a single period, found by dividing the annual rate by the number of payments in a year.

In context: Mortgage Amortization Calculator & Schedule | Vicaya.

The interest rate applied in one payment period, being the annual rate divided by the number of payments a year.

In context: Mortgage Payoff Calculator & Schedule | Vicaya.

Personal loan

Unsecured borrowing of a fixed sum, repaid in equal instalments over a set term at a fixed rate. No asset is pledged against it.

In context: Personal Loan Calculator | Vicaya.

PITI

Principal, interest, taxes, and insurance: the fuller monthly housing cost. Lenders often quote PITI, while a bare payment estimate shows only principal and interest.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

Post-tax deduction

A deduction taken after taxes have been calculated.

In context: U.S. Paycheck Calculator | Vicaya; Hourly Paycheck Calculator | Overtime and Take-Home Pay; Salary Paycheck Calculator | Annual Salary to Take-Home Pay; Take-Home Pay Calculator | Estimate Net Pay After Taxes; Paystub Calculator and Checker | Compare Your Paycheck; W-4 Withholding Calculator | Estimate Federal Paycheck Withholding; Bonus Paycheck Calculator | Supplemental Wage Tax Estimate; Paycheck Comparison Calculator | Compare Pay Frequencies and Offers.

Pre-approval

A finance offer arranged with your own lender before visiting a dealer. It provides a benchmark and strengthens your position.

In context: Auto Loan Calculator | Vicaya.

A more formal review in which a lender verifies income, debts, and credit before indicating an amount. Stronger than pre-qualification but still not final.

In context: Mortgage Affordability Calculator | Vicaya.

A lender’s indication of what it would lend after verifying income, debts, and credit. Stronger than an estimate but still not final.

In context: Home Affordability Calculator | Vicaya.

A more formal review with verified income, debts, and credit. Stronger than pre-qualification but still short of a final decision.

In context: Mortgage Qualification Calculator | Vicaya.

Pre-qualification

An indicative offer based on a soft check. Useful for comparing lenders before committing to a formal application.

In context: Personal Loan Calculator | Vicaya.

An informal estimate of what a lender might offer, based on figures you supply without verification. It is not a commitment to lend.

In context: Mortgage Affordability Calculator | Vicaya.

An informal indication based on figures you supply without verification. It carries little weight with a seller.

In context: Mortgage Qualification Calculator | Vicaya.

Pre-tax deduction

A deduction that may reduce taxable wages before one or more taxes are calculated.

In context: U.S. Paycheck Calculator | Vicaya; Hourly Paycheck Calculator | Overtime and Take-Home Pay; Salary Paycheck Calculator | Annual Salary to Take-Home Pay; Take-Home Pay Calculator | Estimate Net Pay After Taxes; Paystub Calculator and Checker | Compare Your Paycheck; W-4 Withholding Calculator | Estimate Federal Paycheck Withholding; Bonus Paycheck Calculator | Supplemental Wage Tax Estimate; Paycheck Comparison Calculator | Compare Pay Frequencies and Offers.

Prepaid interest

Interest covering the period between completion and the first scheduled payment, commonly treated as a finance charge.

In context: Mortgage APR Calculator | Vicaya.

Interest paid in advance rather than over time. Points are economically a lump sum of interest paid at the start.

In context: Mortgage Points Calculator | Vicaya.

Interest covering the period between completion and the first scheduled payment. It is timing rather than an extra cost.

In context: Closing Costs Calculator | Vicaya.

Interest paid up front rather than over time, which is treated as a finance charge in the calculation.

In context: APR Calculator | Vicaya.

Prepaid items

Costs paid in advance rather than additional charges, such as the first insurance premium or an initial escrow deposit.

In context: Closing Costs Calculator | Vicaya.

Prepayment flexibility

Whether a loan allows overpayment without penalty. It has real value and appears in no payment comparison.

In context: Loan Comparison Calculator | Vicaya.

Prepayment penalty

A fee some loans charge for repaying early or overpaying beyond a limit. Where it applies it can offset the interest saved, so it is worth checking the loan agreement.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

A charge for repaying a loan early. It matters if you intend to clear the consolidation loan ahead of schedule.

In context: Debt Consolidation Calculator | Vicaya.

A charge for repaying early or above a limit. Not modelled here, and it can offset the benefit of overpaying.

In context: Loan Repayment Calculator | Vicaya.

A charge for repaying early. Many personal loans have none, which makes overpaying an easy way to cut interest.

In context: Personal Loan Calculator | Vicaya.

A fee some loans charge for early repayment or for overpaying beyond an annual limit, most often in the opening years.

In context: Mortgage Payoff Calculator & Schedule | Vicaya.

A fee some loans charge for repaying early or above an annual limit. Where it applies it can offset part of the interest saved.

In context: Mortgage Extra Payment Calculator | Vicaya.

A charge on the existing loan for repaying it early. Where it applies it belongs in the cost of switching.

In context: Mortgage Refinance Calculator | Vicaya.

A charge for repaying the existing loan early. Frequently forgotten, and capable of moving break-even by a year or more.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

A charge for repaying early. Worth checking, since it affects whether overpaying is worthwhile.

In context: Home Equity Loan Calculator | Vicaya.

A charge some loans apply for repaying early or above a limit, which can undercut an accelerated schedule.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

Present value

The amount you start with today, before any contributions or growth are applied.

In context: Compound Interest Calculator | Vicaya.

Principal

The amount you borrowed and still owe, before interest. Every payment reduces it a little, barely at all at the start of a loan and quickly near the end.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

The amount borrowed. When two scenarios borrow different sums, total interest is the fairer comparison than total repaid.

In context: Loan Comparison Calculator | Vicaya.

The balance owed, on which interest is charged each period. Reducing it early is what makes overpayment effective.

In context: Loan Repayment Calculator | Vicaya.

The balance on which interest is charged. Enter it as it stands when repayment begins, not the amount originally advanced.

In context: Student Loan Calculator | Vicaya.

Principal and interest

The part of a monthly payment that services the loan, as distinct from tax and insurance collected alongside it.

In context: Mortgage Down Payment Calculator | Vicaya.

The part of a housing payment that repays the loan itself. Ownership costs are collected alongside it but are not part of the loan.

In context: Mortgage Affordability Calculator | Vicaya.

The part of the payment that services the loan itself, as distinct from taxes and insurance collected alongside it.

In context: Home Affordability Calculator | Vicaya.

Principal financed

The amount requested plus the financed origination fee. This is the figure the payment amortizes and interest is charged on.

In context: Personal Loan Calculator | Vicaya.

Principal portion

The part of a payment that reduces the balance. On the first minimum payment in the example it is 91.91 out of 244.58.

In context: Credit Card Minimum Payment Calculator | Vicaya.

The part of a payment that actually reduces what you owe. It is small at the start of a loan and grows every period.

In context: Mortgage Amortization Calculator & Schedule | Vicaya.

Principal reduction

The portion of any payment that reduces the balance. The extra annual payment is applied entirely to it.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

Principal repaid

The portion of payments that reduced the balance. It is not a cost, which is why gross payments overstate what a loan takes from you.

In context: Mortgage Comparison Calculator | Vicaya.

Principal-only payment

An extra amount applied to the balance. Without an explicit recast request it shortens the loan rather than lowering the payment.

In context: Mortgage Recast Calculator | Vicaya.

An extra explicitly designated to reduce the balance rather than to prepay the next instalment.

In context: Mortgage Payoff Calculator & Schedule | Vicaya.

An extra payment explicitly designated to reduce the balance rather than to prepay the next instalment.

In context: Mortgage Extra Payment Calculator | Vicaya.

Projected retirement savings

What your current savings and continuing contributions are expected to become by your retirement date, in future money.

In context: Retirement Calculator | Vicaya.

Projected value

The balance the model produces at the end of the horizon under your chosen return. One scenario, not a forecast.

In context: Investment Return Calculator | Vicaya.

Promotional period

The window during which the reduced or zero rate applies. Its length is usually more important than the size of the fee.

In context: Balance Transfer Calculator | Vicaya.

Promotional rate

A temporary reduced rate, frequently zero, that reverts to a standard rate at the end of the period.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

Purchase balance

New spending on the transfer card, usually treated separately from the transferred amount and often at the standard rate immediately.

In context: Balance Transfer Calculator | Vicaya.

Purchase tax

A government levy on property transactions, named differently in different countries. Often the largest single buying cost.

In context: Mortgage Down Payment Calculator | Vicaya.

A government levy on property transactions, known by different names in different countries. It is often the largest single buying cost.

In context: Home Affordability Calculator | Vicaya.

Qualification

Whether a proposed housing payment satisfies a lender’s ratio tests. It is a pass or fail rather than an amount.

In context: Mortgage Qualification Calculator | Vicaya.

Qualifying payment

The payment a lender uses in the ratio, which may be higher than your actual one if rules require a stressed rate or an assumed minimum.

In context: Debt-to-Income Calculator | Vicaya.

The payment a lender actually tests, which may exceed your real one where rules require a stressed rate or an assumed minimum.

In context: Mortgage Qualification Calculator | Vicaya.

Ranking

The order in which secured lenders are repaid from a sale. It determines who absorbs a shortfall and therefore how each loan is priced.

In context: Combined Loan-to-Value Calculator | Vicaya.

Rate and term refinance

A refinance that changes the rate, the term, or both without taking additional cash. Usually the cheapest type to arrange.

In context: Mortgage Refinance Calculator | Vicaya.

A refinance changing rate or term without releasing cash. Usually the cheapest kind and the fastest to break even.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

Rate cap

A ceiling on how high the rate may go over the life of the line. Worth knowing, since it defines the worst case.

In context: HELOC Calculator | Vicaya.

Rate floor

A minimum below which the rate will not fall, limiting how much benefit you receive if the index declines.

In context: ARM Calculator | Vicaya.

Rate retention

Keeping an existing interest rate. The core advantage of recasting for anyone who borrowed when rates were lower.

In context: Mortgage Recast Calculator | Vicaya.

Rate sheet

A lender’s schedule showing what each level of points or credits does to the rate. Worth requesting in full rather than accepting one option.

In context: Mortgage Points Calculator | Vicaya.

Rate spread

The gap between two offers’ rates. A small spread is easily outweighed by a difference in term.

In context: Loan Comparison Calculator | Vicaya.

Rate-and-term refinance

Refinancing without taking cash. It is priced more keenly than cash-out because the borrower’s position does not worsen.

In context: Cash-Out Refinance Calculator | Vicaya.

Rate–APR gap

The distance between the two figures, which signals how heavily a quote is loaded with charges before you read the fee schedule.

In context: Mortgage APR Calculator | Vicaya.

The difference between the two figures. A wide gap signals substantial fees relative to the amount borrowed.

In context: APR Calculator | Vicaya.

Re-amortization

Recalculating the payment schedule from a new balance. It is the mechanism a recast uses, applied within the existing agreement.

In context: Mortgage Recast Calculator | Vicaya.

Recalculating the payment from the current balance over the remaining term. This happens at each adjustment.

In context: ARM Calculator | Vicaya.

Real growth

Growth after inflation, representing genuine gains in purchasing power rather than in numbers.

In context: Retirement Calculator | Vicaya.

Real return

Growth after inflation, representing actual purchasing power. Roughly approximated by deducting an inflation estimate from your rate.

In context: Investment Return Calculator | Vicaya.

Growth after inflation. It is what determines purchasing power, and it is not modelled here.

In context: Compound Interest Calculator | Vicaya.

Recast

Re-amortizing a loan after a large lump sum, which lowers the payment while keeping the same rate and end date. Not every lender offers it, and a fee may apply.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

Re-amortizing an existing loan after a lump sum. The opposite transaction, and the right one when a lower payment is the goal.

In context: Cash-Out Refinance Calculator | Vicaya.

Re-amortizing an existing loan after a lump sum so the payment is recalculated across the remaining term, keeping the same rate and maturity date.

In context: Mortgage Recast Calculator | Vicaya.

Re-amortizing a loan after a lump sum so the payment is recalculated over the remaining term, keeping the same rate and end date.

In context: Mortgage Amortization Calculator & Schedule | Vicaya; Mortgage Payoff Calculator & Schedule | Vicaya; Mortgage Extra Payment Calculator | Vicaya.

Re-amortizing the existing loan after a lump sum to lower the payment. Far cheaper than refinancing where the goal is only a smaller payment.

In context: Mortgage Refinance Calculator | Vicaya.

Re-amortizing an existing loan after a lump sum. Where the goal is only a lower payment, it avoids switching costs entirely.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

Recast fee

A modest administrative charge, typically far below the cost of refinancing since no new loan is created.

In context: Mortgage Recast Calculator | Vicaya.

Recording fee

A government charge for registering the transfer and the lender’s charge against the property.

In context: Closing Costs Calculator | Vicaya.

Recurring contribution

The amount added each period. Its earliest instalments matter most because they compound longest.

In context: Investment Return Calculator | Vicaya.

Recurring debt

Regular obligations such as loans, finance agreements, and card minimums. Living costs like utilities and groceries are excluded.

In context: Debt-to-Income Calculator | Vicaya.

Refinance

Replacing the loan with a new one. The only route to a different rate, and considerably more expensive than a recast.

In context: Mortgage Recast Calculator | Vicaya.

Replacing a loan with a new one, often at a different rate or term. A shorter term locks in faster repayment but removes flexibility.

In context: Mortgage Payoff Calculator & Schedule | Vicaya.

Replacing an existing mortgage with a new one, usually to change the rate, the term, or the loan type, or to release cash.

In context: Mortgage Refinance Calculator | Vicaya.

Refinance dependency

Relying on a new loan to escape the transition, which requires both qualifying and favourable market conditions.

In context: Interest-Only Mortgage Calculator | Vicaya.

Refinance risk

The chance that falling rates make refinancing attractive, ending the saving early while the points paid are not refunded.

In context: Mortgage Points Calculator | Vicaya.

The possibility that qualifying or favourable rates are unavailable when you planned to escape the adjustment.

In context: ARM Calculator | Vicaya.

Refinancing

Replacing student debt with a new commercial loan. It can lower the rate but usually forfeits scheme-specific protections permanently.

In context: Student Loan Calculator | Vicaya.

Reloading

Running balances back up on cards cleared by consolidation, leaving both the loan and the new balances. The most common way consolidation fails.

In context: Debt Consolidation Calculator | Vicaya.

Remaining balance

What would still be owed at the end of a horizon. Including it prevents a slow-repaying loan from appearing artificially cheap.

In context: Mortgage Comparison Calculator | Vicaya.

Remaining term

The number of payments left before maturity. A recast leaves this untouched, which is what distinguishes it from overpaying.

In context: Mortgage Recast Calculator | Vicaya.

Remortgage

Replacing an existing loan with a new one, often to secure a better rate. Loan-to-value largely determines what is available.

In context: Loan-to-Value Calculator | Vicaya.

Rent inflation

The assumed annual rise in rent. Growing it while holding ownership costs flat is the most common way comparisons are skewed.

In context: Rent vs Buy Calculator | Vicaya.

Renter investment return

The rate at which a renter is assumed to grow the capital a buyer would have committed. The single most decisive input.

In context: Rent vs Buy Calculator | Vicaya.

Repayment period

The phase after the draw period ends, during which the balance must be cleared over a fixed span. No further borrowing is possible.

In context: HELOC Calculator | Vicaya.

Repayment phase

The remainder of the term, during which the full original balance must be cleared over a shortened span.

In context: Interest-Only Mortgage Calculator | Vicaya.

Repayment term

The number of months over which the loan is scheduled to clear. Extending it lowers the payment and sharply raises interest.

In context: Student Loan Calculator | Vicaya.

Repayment vehicle

A separate plan intended to clear the balance, such as an investment or expected sale. Some lenders require evidence of one.

In context: Interest-Only Mortgage Calculator | Vicaya.

Repossession risk

The consequence of securing debt against a home. It is the reason a lower rate is compensation rather than a free gain.

In context: Home Equity Loan Calculator | Vicaya.

Required payment

The transferred balance divided by the promotional months: what you must pay monthly to finish before the rate reverts.

In context: Balance Transfer Calculator | Vicaya.

Reserve line

A line opened and left undrawn as contingency. Cheap to hold, though it may still count against other borrowing.

In context: HELOC Calculator | Vicaya.

Reserve margin

The buffer lenders keep between total borrowing and value, which is why borrowable equity is always less than equity owned.

In context: Home Equity Calculator | Vicaya.

Reserves

Savings held after completion. Releasing equity to fund a purchase should not leave a household without any.

In context: Cash-Out Refinance Calculator | Vicaya.

Savings remaining after completion. Some lenders require them, and every household benefits from having them.

In context: Mortgage Down Payment Calculator | Vicaya.

Savings remaining after the deposit and buying costs. Some lenders require them, and every household benefits from them.

In context: Home Affordability Calculator | Vicaya.

Reset date

The point at which a new rate takes effect. Knowing yours well in advance is the difference between planning and reacting.

In context: ARM Calculator | Vicaya.

Residual income

What remains after debts and living costs are paid. Some lending programmes test it because it captures household circumstances the ratio ignores.

In context: Debt-to-Income Calculator | Vicaya.

What is left after all debts and living costs are paid. Some lending programmes test it directly because ratios alone ignore household circumstances.

In context: Mortgage Affordability Calculator | Vicaya.

What remains after debts and living costs. Some programmes test it directly because ratios ignore household circumstances.

In context: Mortgage Qualification Calculator | Vicaya.

Reversion rate

The standard rate that applies once the promotion ends. It is often similar to the rate you transferred away from.

In context: Balance Transfer Calculator | Vicaya.

Revolving credit

Borrowing with no fixed end date. A transfer does not change this; only your repayment plan gives the debt an end.

In context: Balance Transfer Calculator | Vicaya.

Borrowing with no fixed end date where the limit is restored as you repay. Only your own repayment plan gives it an ending.

In context: Credit Card Minimum Payment Calculator | Vicaya.

Borrowing with no fixed end date, where the available limit is restored as you repay. Cards are the most common example.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

Borrowing with no fixed end date where the limit is restored as you repay, such as a card. Consolidation converts it into instalment debt.

In context: Debt Consolidation Calculator | Vicaya.

Borrowing where the limit is restored as you repay. It has no natural end date, which is what keeps a line alive indefinitely.

In context: HELOC Calculator | Vicaya.

Rounding adjustment

The small difference in the final payment that brings the balance exactly to zero after accumulated rounding.

In context: Loan Repayment Calculator | Vicaya.

Rule of 72

A shortcut estimating doubling time by dividing 72 by the rate, useful for building intuition without a calculator.

In context: Compound Interest Calculator | Vicaya.

Sales tax

A transaction tax on the purchase, commonly charged on the price after the trade-in allowance rather than the full price.

In context: Auto Loan Calculator | Vicaya.

Scenario

One complete set of loan assumptions: amount, rate, and term. Each is amortized independently before being compared.

In context: Loan Comparison Calculator | Vicaya.

One complete set of loan assumptions. Changing a single input creates a new scenario and can reverse which option leads.

In context: Mortgage Comparison Calculator | Vicaya.

Scheduled payment

The contractual amount due each period, derived from the balance, rate, and term so the loan clears exactly on the final payment.

In context: Loan Repayment Calculator | Vicaya.

The fixed amount due each period, calculated so the balance reaches exactly zero on the final payment of the term.

In context: Mortgage Amortization Calculator & Schedule | Vicaya.

The fixed amount contractually due each period. Overpaying does not reduce it; it reduces how many are left.

In context: Mortgage Payoff Calculator & Schedule | Vicaya.

The fixed amount due each period. Overpaying does not change it; it changes how many of them you make.

In context: Mortgage Extra Payment Calculator | Vicaya.

Searches

Enquiries into planning, drainage, and local matters affecting the property, carried out before completion.

In context: Closing Costs Calculator | Vicaya.

Second charge

Additional borrowing ranking behind the first mortgage. It leaves the existing rate intact and prices only the new sum.

In context: Cash-Out Refinance Calculator | Vicaya.

An additional loan secured on the same property, ranking behind the first. It raises the combined ratio.

In context: Loan-to-Value Calculator | Vicaya.

A loan ranking behind the first, repaid only from what remains. The extra risk is why it carries a higher rate.

In context: Combined Loan-to-Value Calculator | Vicaya.

A loan ranking behind the first mortgage against the property. It reduces equity and raises the combined ratio.

In context: Home Equity Calculator | Vicaya.

The ranking of the line behind the first mortgage. It is why the rate is higher than a first-charge mortgage.

In context: HELOC Calculator | Vicaya.

The legal position of the loan against the property. Being repaid after the first charge is why the rate is higher.

In context: Home Equity Loan Calculator | Vicaya.

Second mortgage

Another name for a home equity loan, reflecting that it ranks behind the existing first mortgage.

In context: Home Equity Loan Calculator | Vicaya.

Secured consolidation

Consolidating into borrowing secured on your home. The rate is lower because the lender has taken security, which moves the risk to you.

In context: Debt Consolidation Calculator | Vicaya.

Secured debt

Borrowing backed by the property. Converting unsecured balances into secured ones moves the risk to your home.

In context: Cash-Out Refinance Calculator | Vicaya.

Borrowing that uses the property as security. Only secured debt belongs in this ratio.

In context: Combined Loan-to-Value Calculator | Vicaya.

Any borrowing that uses the property as security, including the first mortgage, second charges, and drawn credit lines.

In context: Home Equity Calculator | Vicaya.

Secured loan

Borrowing backed by an asset. Cheaper than a personal loan because the lender can recover the asset if you default.

In context: Personal Loan Calculator | Vicaya.

Seller concession

An amount a seller contributes toward buyer costs, which can sometimes be applied to points rather than paid from your own funds.

In context: Mortgage Points Calculator | Vicaya.

An amount the seller agrees to contribute toward buyer costs, where local practice and lender rules permit it.

In context: Closing Costs Calculator | Vicaya.

Seller contribution

An amount a seller agrees to put toward the buyer’s costs. Where permitted, it reduces cash needed at completion.

In context: Mortgage Down Payment Calculator | Vicaya.

Selling costs

Agency fees, legal work, and any transaction taxes on a sale. They consume a meaningful share of equity when you exit.

In context: Home Equity Calculator | Vicaya.

Agency, legal, and sometimes tax charges on exit, expressed as a share of value and applied to the buying side.

In context: Rent vs Buy Calculator | Vicaya.

Sensitivity

How much the answer moves when an assumption changes. Testing it matters more than any single result.

In context: Rent vs Buy Calculator | Vicaya.

Sensitivity analysis

Running the projection at several rates to see how much the outcome depends on the assumption rather than the plan.

In context: Investment Return Calculator | Vicaya.

Sequence of returns

The order in which gains and losses occur. It matters little while contributing and considerably while withdrawing.

In context: Investment Return Calculator | Vicaya.

The order in which gains and losses occur, which affects real outcomes but is invisible in a fixed-rate projection.

In context: Compound Interest Calculator | Vicaya.

Sequence of returns risk

The danger of poor returns early in retirement, which does lasting damage when withdrawals are being made.

In context: Retirement Calculator | Vicaya.

Serial transferring

Moving a balance from one promotional card to another repeatedly. It incurs a fee each time and depends on continued approval.

In context: Balance Transfer Calculator | Vicaya.

Servicer

The organisation that collects payments and administers the loan, which may not be the original lender.

In context: Student Loan Calculator | Vicaya.

The organisation administering the loan, which processes the recast request and may differ from the original lender.

In context: Mortgage Recast Calculator | Vicaya.

Set-up fee

A charge for arranging a biweekly plan. It is deducted directly from a saving achievable without it.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

Simple interest

Return earned only on the original amount. The contrast that makes compounding’s effect visible over long periods.

In context: Compound Interest Calculator | Vicaya.

Snowball method

Clearing the smallest balance first. It costs slightly more in interest but produces early wins that many people find easier to sustain.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

Soft inquiry

A preliminary check used for pre-qualification that does not affect your score, letting you see indicative rates first.

In context: Personal Loan Calculator | Vicaya.

Standard repayment

Equal monthly payments over a fixed term until the balance clears. It is the baseline that other repayment arrangements are measured against.

In context: Student Loan Calculator | Vicaya.

Standing order

An instruction to pay a set amount regularly. Usually sufficient to implement this strategy without any product.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

State and workplace provision

Pensions outside this calculation. For many households they cover a meaningful share of the target.

In context: Retirement Calculator | Vicaya.

State withholding

State income tax withholding where supported, or a manual value entered when known.

In context: U.S. Paycheck Calculator | Vicaya; Hourly Paycheck Calculator | Overtime and Take-Home Pay; Salary Paycheck Calculator | Annual Salary to Take-Home Pay; Take-Home Pay Calculator | Estimate Net Pay After Taxes; Paystub Calculator and Checker | Compare Your Paycheck; W-4 Withholding Calculator | Estimate Federal Paycheck Withholding; Bonus Paycheck Calculator | Supplemental Wage Tax Estimate; Paycheck Comparison Calculator | Compare Pay Frequencies and Offers.

Statement balance

The amount owed at the end of a billing cycle. Understanding which balance a payment reduces matters on a card with multiple rates.

In context: Balance Transfer Calculator | Vicaya.

The amount owed at the close of a billing cycle. Paying it in full each month avoids interest entirely.

In context: Credit Card Minimum Payment Calculator | Vicaya.

The amount owed at the end of a billing cycle. Paying it in full each month avoids interest entirely.

In context: Credit Card Payoff Calculator With Fixed Monthly Payment | Vicaya.

Streamlined refinance

A reduced-documentation process offered under some programmes, typically with lower costs and no new valuation.

In context: Mortgage Refinance Calculator | Vicaya.

A reduced-documentation process under some programmes, usually with lower costs and therefore an earlier break-even.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

Stress test

Reassessing affordability at a higher rate than the one offered, to check the borrower could still cope if rates rose.

In context: Debt-to-Income Calculator | Vicaya.

Assessing the payment at a higher rate than the one offered, to confirm you could cope if rates rose.

In context: Mortgage Qualification Calculator | Vicaya.

Subordination

An agreement allowing a loan to move behind another in ranking, often needed when refinancing a first mortgage that sits above a second charge.

In context: Combined Loan-to-Value Calculator | Vicaya.

An agreement by this lender to remain behind a new first mortgage. Usually required if you later refinance the main loan.

In context: Home Equity Loan Calculator | Vicaya.

Subsidised interest

An arrangement where a government or institution pays the interest during study or deferment, so the balance does not grow.

In context: Student Loan Calculator | Vicaya.

Subsidised rate

A below-market finance rate funded by the manufacturer to support sales. Usually restricted to specific models and terms.

In context: Auto Loan Calculator | Vicaya.

Supplemental wages

Bonus, commission, tips, or other earnings that payroll may withhold differently from regular wages.

In context: U.S. Paycheck Calculator | Vicaya; Hourly Paycheck Calculator | Overtime and Take-Home Pay; Salary Paycheck Calculator | Annual Salary to Take-Home Pay; Take-Home Pay Calculator | Estimate Net Pay After Taxes; Paystub Calculator and Checker | Compare Your Paycheck; W-4 Withholding Calculator | Estimate Federal Paycheck Withholding; Bonus Paycheck Calculator | Supplemental Wage Tax Estimate; Paycheck Comparison Calculator | Compare Pay Frequencies and Offers.

Survey

An inspection of the property’s condition or boundaries, commissioned by the buyer and distinct from the lender’s valuation.

In context: Closing Costs Calculator | Vicaya.

Sustained consistency

Maintaining the schedule across decades. The saving comes from persistence rather than from any single payment.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

SUTA

State unemployment tax, which varies by employer and is entered manually here.

In context: Payroll Cost Calculator | Estimate Employer Payroll Costs.

Switching costs

Every fee involved in moving loans, including arrangement, valuation, legal work, points, and any exit charge on the old loan.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

Target savings

The sum required to sustain your desired income at the chosen withdrawal rate. Reported both in today’s money and inflation-adjusted.

In context: Retirement Calculator | Vicaya.

Tax code

The code used to determine the allowance and PAYE treatment applied to this employment.

In context: Take-Home Pay Calculator UK 2026/27 | Salary After Tax.

Teaser rate

An opening rate set below the fully indexed rate, meaning an increase is built in even if the index does not move.

In context: ARM Calculator | Vicaya.

Temporary buy-down

An arrangement reducing the rate only for the first year or two before it reverts. It is a different product from discount points.

In context: Mortgage Points Calculator | Vicaya.

Term

How long you have to repay the loan, commonly fifteen, twenty, or thirty years. A longer term lowers the monthly payment but raises the total interest paid.

In context: Mortgage Calculator With Taxes, Insurance and PMI | Vicaya.

The number of payments a loan runs for. Extending it always lowers the payment and always raises total interest.

In context: Loan Comparison Calculator | Vicaya.

The number of months over which the loan runs. Longer terms lower the payment, raise interest, and extend exposure to depreciation.

In context: Auto Loan Calculator | Vicaya.

The number of months over which the loan is repaid. Extending it lowers the payment and raises total interest.

In context: Personal Loan Calculator | Vicaya.

The total length of the loan, usually expressed in months here. It sets how many rows the schedule has.

In context: Mortgage Amortization Calculator & Schedule | Vicaya.

The original length of the loan. Overpayments effectively shorten it without the contractual term changing.

In context: Mortgage Extra Payment Calculator | Vicaya.

The length of the loan. It interacts with the deposit: a bigger deposit or a shorter term both cut total interest, by different routes.

In context: Mortgage Down Payment Calculator | Vicaya.

How long the loan runs. A longer term lowers the payment and so raises the affordable loan, without making the property any cheaper overall.

In context: Mortgage Affordability Calculator | Vicaya.

How long the loan runs. A longer term lowers the payment and raises the price you can reach without making the property cheaper.

In context: Home Affordability Calculator | Vicaya.

The length of the loan. Differences in term make payment comparisons misleading and are handled correctly by the horizon measure.

In context: Mortgage Comparison Calculator | Vicaya.

Term compression

Repaying the original balance over fewer years than the loan was sold against, which amplifies the payment increase.

In context: Interest-Only Mortgage Calculator | Vicaya.

Term extension

Repaying over a longer period. It lowers the payment while usually increasing total interest, and it is how a worse deal can look better.

In context: Debt Consolidation Calculator | Vicaya.

Refinancing a debt over a longer period to lower its payment. It improves the ratio without reducing the balance, and usually increases total interest.

In context: Debt-to-Income Calculator | Vicaya.

Term matching

Choosing a term no longer than the useful life of what the borrowing funds, so the debt does not outlive its purpose.

In context: Home Equity Loan Calculator | Vicaya.

Term reset

Restarting the loan over a fresh full term. It suppresses the payment increase while adding years of interest.

In context: Cash-Out Refinance Calculator | Vicaya.

Restarting the loan over a fresh full term. It lowers the monthly payment while usually increasing total interest.

In context: Mortgage Refinance Calculator | Vicaya.

Restarting the loan over a fresh full term, which inflates the apparent monthly saving and distorts break-even.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

The 4% convention

A widely cited withdrawal rate implying you need twenty-five times your annual income. A planning convention, not a rule.

In context: Retirement Calculator | Vicaya.

The thirteenth payment

The extra monthly payment produced each year by the mismatch between twenty-six fortnights and twelve months. It is the entire mechanism.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

Third-party charge

A cost paid to someone other than the lender. Whether it counts depends on the jurisdiction and on whether the lender requires it.

In context: Mortgage APR Calculator | Vicaya.

A cost paid to someone other than the lender. Often shoppable, which makes it worth identifying separately.

In context: Closing Costs Calculator | Vicaya.

Third-party fee

A charge paid to someone other than the lender. Whether it counts toward APR depends on the jurisdiction and on whether the lender requires it.

In context: APR Calculator | Vicaya.

Third-party plan

A service that collects fortnightly and remits to your lender, usually for a fee and usually capturing the extra payment but not the timing.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

Threshold

A boundary between bands, commonly at 95%, 90%, 85%, or 80%. Crossing one changes terms in a step rather than gradually.

In context: Loan-to-Value Calculator | Vicaya.

A boundary between pricing bands. Adding secured debt can cross one and worsen terms on future borrowing.

In context: Combined Loan-to-Value Calculator | Vicaya.

Threshold or band

A loan-to-value level at which lender pricing changes, commonly at 95%, 90%, and 80%. Crossing one changes terms in a step.

In context: Mortgage Down Payment Calculator | Vicaya.

Tied-up capital

The deposit and buying costs a purchaser commits. Whether it is assumed to earn a return frequently decides the comparison.

In context: Rent vs Buy Calculator | Vicaya.

Time horizon

How long the money stays invested. Long horizons let contributions compound and make volatility less consequential.

In context: Investment Return Calculator | Vicaya.

The length of the projection, and the only input that cannot be increased retrospectively.

In context: Compound Interest Calculator | Vicaya.

Time to payoff

How long until the balance reaches zero. It matters when clearing the debt by a particular date is itself the objective.

In context: Mortgage Comparison Calculator | Vicaya.

Time to repay

The number of periods over which the loan is scheduled to clear. It is the most powerful input on the page and never makes a loan cheaper when extended.

In context: Loan Repayment Calculator | Vicaya.

Title insurance

Cover against defects in ownership history, standard in some markets and unknown in others.

In context: Closing Costs Calculator | Vicaya.

Today’s money

A figure expressed in current purchasing power. Intuitive to think in, and misleading if compared against a future projection.

In context: Retirement Calculator | Vicaya.

Total cost of ownership

Finance plus insurance, fuel, servicing, and depreciation. The loan payment is only part of what a vehicle costs.

In context: Auto Loan Calculator | Vicaya.

Total cost to buy

Payments, ownership costs, buying costs, and selling costs, less the equity the buyer walks away with at the end.

In context: Rent vs Buy Calculator | Vicaya.

Total cost to rent

Rent paid across the horizon, less any investment growth credited on the capital a buyer would have tied up.

In context: Rent vs Buy Calculator | Vicaya.

Total interest

All interest still to be paid. Comparing this figure, not the monthly payment, is the only reliable test of whether consolidation saves money.

In context: Debt Consolidation Calculator | Vicaya.

The sum of all interest across a loan. The measure that reveals whether a lower payment is genuinely cheaper.

In context: Loan Comparison Calculator | Vicaya.

Every interest charge across the life of the loan added together. The figure overpayment is designed to reduce.

In context: Loan Repayment Calculator | Vicaya.

All interest across the life of the new loan. The measure that reveals what the cash genuinely costs.

In context: Cash-Out Refinance Calculator | Vicaya.

All interest across the remaining life of the loan. A recast reduces it, though less than the same sum applied as an overpayment.

In context: Mortgage Recast Calculator | Vicaya.

Every interest charge across the life of the loan added together. It is what a payoff plan is designed to shrink.

In context: Mortgage Payoff Calculator & Schedule | Vicaya.

The sum of every interest charge across the life of the loan. It is the figure overpayments are designed to reduce.

In context: Mortgage Extra Payment Calculator | Vicaya.

All interest paid across the life of the loan. A larger deposit reduces it disproportionately over long terms.

In context: Mortgage Down Payment Calculator | Vicaya.

All interest across the life of a loan. The figure that reveals whether a refinance is genuinely cheaper.

In context: Mortgage Refinance Calculator | Vicaya.

All interest across the life of a loan. The better test when terms differ between the two loans.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

All interest across the full life of a loan. The purest measure of borrowing cost, and the one most distorted by term differences.

In context: Mortgage Comparison Calculator | Vicaya.

All interest across the life of the loan. Points reduce it, but only if the loan is held long enough to realise the saving.

In context: Mortgage Points Calculator | Vicaya.

All interest across the life of the loan. On long terms it can approach or exceed the sum borrowed.

In context: Home Equity Loan Calculator | Vicaya.

All interest across the life of the loan. Substantially higher than an equivalent repayment loan because the balance stays outstanding.

In context: Interest-Only Mortgage Calculator | Vicaya.

Total paid

The balance plus all interest. Comparing it against the amount borrowed is the plainest view of what a loan costs.

In context: Loan Repayment Calculator | Vicaya.

Total repaid

Payment multiplied by the number of payments. The plainest answer to how much money leaves your account.

In context: Loan Comparison Calculator | Vicaya.

Every payment added together. On long terms it can substantially exceed twice the amount originally borrowed.

In context: Student Loan Calculator | Vicaya.

Total repayment

Every payment added together. Comparing it against the cash received is the clearest view of what borrowing costs.

In context: Personal Loan Calculator | Vicaya.

Total-debt ratio

The share of gross income allowed for all monthly debt payments including the new housing payment, also called the back-end ratio. A commonly cited figure is 36%.

In context: Mortgage Affordability Calculator | Vicaya.

The share of gross income allowed for all monthly debt payments including housing. The lower of the two ceilings sets your loan.

In context: Home Affordability Calculator | Vicaya.

Total-debt ratio test

Checks the housing payment plus all other monthly debts against a wider share of income, conventionally around 36%. Also called the back-end test.

In context: Mortgage Qualification Calculator | Vicaya.

Trade-in balance

What you still owe on the vehicle you are trading. It is added to the new loan rather than written off.

In context: Auto Loan Calculator | Vicaya.

Trade-in value

What a dealer allows for your existing vehicle. It reduces both the amount financed and, in many places, the taxable amount.

In context: Auto Loan Calculator | Vicaya.

Trade-off

What you accept in one measure to gain in another, such as paying more overall to lower a monthly commitment.

In context: Loan Comparison Calculator | Vicaya.

Transaction friction

The combined cost of buying and selling. It is why short ownership periods so rarely favour purchasing.

In context: Rent vs Buy Calculator | Vicaya.

Transaction tax

A government levy on property purchases, known by different names in different markets. Frequently the largest single cost where it applies.

In context: Closing Costs Calculator | Vicaya.

Transfer fee

A charge for making the transfer, commonly around three percent of the amount moved. It is added to the balance at the outset.

In context: Balance Transfer Calculator | Vicaya.

Transfer limit

The maximum an issuer will accept, often less than the full credit limit. It can leave part of a balance behind on the original card.

In context: Balance Transfer Calculator | Vicaya.

Transition date

The point at which repayment begins. Knowing it years ahead is the difference between preparing and being surprised.

In context: Interest-Only Mortgage Calculator | Vicaya.

True biweekly

An arrangement where each fortnightly payment is applied on receipt, which maximises the interest saved.

In context: Biweekly Mortgage Payment Calculator | Vicaya.

True zero rate

A promotion where no interest accrues at all during the period, so only the remaining balance is affected at reversion.

In context: Balance Transfer Calculator | Vicaya.

Underwater

The state of owing more than the vehicle would sell for. It makes selling, changing car, or a write-off expensive.

In context: Auto Loan Calculator | Vicaya.

Owing more than the property is worth, meaning a ratio above 100% and negative equity. It blocks remortgaging and complicates selling.

In context: Loan-to-Value Calculator | Vicaya.

Underwriting

Full reassessment of income, credit, and the property. A cash-out is a new application and approval is not guaranteed.

In context: Cash-Out Refinance Calculator | Vicaya.

The lender’s full assessment of credit, income, employment, and security. The ratio is one input among several.

In context: Debt-to-Income Calculator | Vicaya.

The lender’s assessment of a new application. A recast avoids it entirely, since no new credit is being extended.

In context: Mortgage Recast Calculator | Vicaya.

The lender’s full assessment before a decision. Deposit size and its source are both examined.

In context: Mortgage Down Payment Calculator | Vicaya.

The lender’s full assessment of credit, income, employment, and the property before a final decision. Ratios are only one input to it.

In context: Mortgage Affordability Calculator | Vicaya.

The lender’s full review of credit, income, employment, and the property before a final decision. Ratios are only one input.

In context: Home Affordability Calculator | Vicaya.

The lender’s full assessment, of which ratio tests are only one part. Credit, employment, and the property all feature.

In context: Mortgage Qualification Calculator | Vicaya.

The lender’s full assessment of a new application. A refinance is not automatic, whatever your record on the current loan.

In context: Mortgage Refinance Calculator | Vicaya.

The lender’s full reassessment of a new application. Costs are typically incurred before the outcome is known.

In context: Refinance Break-even Calculator With Closing Costs | Vicaya.

Underwriting evidence

Documentation a lender may require showing how the balance will be cleared before granting an interest-only loan.

In context: Interest-Only Mortgage Calculator | Vicaya.

Unit consistency

Comparing two figures expressed in the same money. Failing it is the most common error in retirement planning.

In context: Retirement Calculator | Vicaya.

Unsecured borrowing

Lending with no collateral behind it. The rate is higher than secured borrowing precisely because the lender has nothing to claim.

In context: Personal Loan Calculator | Vicaya.

Lending with no claim on your property. More expensive, and it cannot cost you the home if things go wrong.

In context: Home Equity Loan Calculator | Vicaya.

Unsecured debt

Borrowing with no claim on the property, such as cards or personal loans. It affects affordability but never this ratio.

In context: Combined Loan-to-Value Calculator | Vicaya.

Unsecured loan

Borrowing with no asset pledged. It carries a higher rate but cannot cost you your home if things go wrong.

In context: Debt Consolidation Calculator | Vicaya.

Upside

The result if returns exceed a conservative assumption. Better treated as a bonus than as the basis of a plan.

In context: Investment Return Calculator | Vicaya.

Valuation

The lender’s assessment of the property, which sets the ceiling on how much can be released.

In context: Cash-Out Refinance Calculator | Vicaya.

A lender’s assessment of the property’s worth. If it lands below the agreed price, the shortfall must be covered in cash.

In context: Mortgage Down Payment Calculator | Vicaya.

A lender’s assessment of what the property is worth. On a purchase, lenders use the lower of valuation and agreed price.

In context: Loan-to-Value Calculator | Vicaya.

The lender’s assessment of value, and the only figure that counts. Small differences move this ratio noticeably.

In context: Combined Loan-to-Value Calculator | Vicaya.

A lender’s assessment of value. It is the only figure with authority in a transaction, regardless of other estimates.

In context: Home Equity Calculator | Vicaya.

A lender’s assessment of what the property is worth. If it comes in below the agreed price, the shortfall usually falls on the buyer in cash.

In context: Home Affordability Calculator | Vicaya.

Valuation fee

The cost of the lender’s assessment of the property’s worth, which also determines how much it will lend.

In context: Closing Costs Calculator | Vicaya.

Variable rate

A rate that can move. Comparing it against a fixed offer beyond its initial period is illustrative rather than exact.

In context: Loan Comparison Calculator | Vicaya.

A rate that can move over time, common on refinanced private student debt. Projections beyond the current rate are illustrative only.

In context: Student Loan Calculator | Vicaya.

A rate tied to a published index that can move. It affects both the draw-phase and repayment-phase payments immediately.

In context: HELOC Calculator | Vicaya.

A rate that can move. Any APR quoted for one rests on assumptions about future rates and should be treated as indicative.

In context: APR Calculator | Vicaya.

Volatility

Variation in actual returns around an average. A fixed-rate projection removes it entirely.

In context: Investment Return Calculator | Vicaya.

Variation in actual returns around an average. A steady-rate projection smooths it away entirely.

In context: Compound Interest Calculator | Vicaya.

Voluntary principal payment

Paying above the interest-only minimum. It reduces the balance and every subsequent interest-only payment.

In context: Interest-Only Mortgage Calculator | Vicaya.

Wage base

The amount of wages subject to a particular payroll tax before a cap or limit applies.

In context: Payroll Cost Calculator | Estimate Employer Payroll Costs.

Weighted average rate

The blended rate across your existing balances, weighted by size. It is the figure a consolidation rate should be compared against.

In context: Debt Consolidation Calculator | Vicaya.

The blended rate across several balances. Useful when deciding which loan to target with overpayments.

In context: Student Loan Calculator | Vicaya.

Withdrawal rate

The share of a portfolio drawn each year in retirement. Dividing desired income by it gives the sum required.

In context: Retirement Calculator | Vicaya.

Workers compensation

Employer insurance cost that usually depends on class code, location, payroll, and claims history.

In context: Payroll Cost Calculator | Estimate Employer Payroll Costs.

Year-to-date wages

Wages already paid during the year, which can affect wage bases and real payroll withholding.

In context: U.S. Paycheck Calculator | Vicaya; Hourly Paycheck Calculator | Overtime and Take-Home Pay; Salary Paycheck Calculator | Annual Salary to Take-Home Pay; Take-Home Pay Calculator | Estimate Net Pay After Taxes; Paystub Calculator and Checker | Compare Your Paycheck; W-4 Withholding Calculator | Estimate Federal Paycheck Withholding; Bonus Paycheck Calculator | Supplemental Wage Tax Estimate; Paycheck Comparison Calculator | Compare Pay Frequencies and Offers.

Years to retirement

The span over which contributions compound and inflation accumulates. It drives both sides of the comparison.

In context: Retirement Calculator | Vicaya.