Definitions for "Level Payment Mortgage"
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.