Prepaid Finance Charges include items paid at or before settlement, such as points and initial mortgage insurance premium. The Amount Financed may be lower than the amount you applied for because it represents a net figure. The Total Of Payments is the total amount you will have paid if you make the minimum required payments for the entire term of the loan. This includes principal, interest and mortgage insurance premiums, but does not include payments for real estate taxes or property insurance premiums. First number indicates initial fixed period.
Second number indicates how often adjustments occur after the initial fixed period.