Mortgage where each payment made by the borrower is equal, each period, with every payment comprised of principal and interest.
A mortgage that provides for a fixed sum to be paid periodically during the term of the loan. Part of the fixed payments is credited to interest and the balance is used to reduce the principal of the loan.
A mortgage that requires constant, fixed payments at regular intervals during its term. A portion of each payment covers the interest due on the mortgage and the remaining amount is used to reduce the outstanding balance of principal.
A mortgage that provides for a constant, fixed payment at periodic intervals during its term. Part of each payment consists of interest with the balance of the payment used to reduce the principal. See constant payment.
A mortgage with identical monthly payments over the life of the loan
A mortgage whose payments are identical for each month over the life of the loan.
A mortgage which is scheduled to be repaid in equal periodic payments which include both principal and interest.
Also known as an Amortized Loan; it is a loan that is paid off by making equal regular payments that include principal and interest.
A mortgage that provides for the payment of like sums at periodic intervals during its term. Part of the payment is credited to interest, and the rest is used to amortize the principal.