Estimate
Part of speech: noun
Definition: A rough calculation or guess. A document (or verbal notification) specifying how much a job will probably cost.
Part of speech: verb
Definition: to calculate roughly, often from imperfect data
Example sentence: These are estimates that are done by the experts as to how much they expect we could get from the first lease sale that would take place in ANWR, and the estimate is about $2.5 billion.
Appraisal
Part of speech: noun
Definition: A judgment or assessment of the value of something, especially a formal one for loan or taxation purposes.A judgment or assessment of the professional performance of someone, especially a subordinate .
Example sentence: If your appraisal comes back too low - you don't have at least 10% equity for a conforming loan or 20% for a jumbo loan - you might not be able to refinance at all, at least with a loan that's packaged and sold to Fannie Mae and Freddie Mac. That means you may have to pay a much higher rate.