loan that is paid by equal payments. The payment is initially put on the attention compared to the balance secondly. The mortgage is paid down more principal nearer to its summary. AKA amortizing loan.
Installment loan in which the monthly obligations are applied first toward decreasing the interest stability, and any remaining sum towards principal stability. Given that loan is paid down, a progressively bigger percentage of the payments goes toward principal and a progressively smaller section towards the interest. Also called amortizing loan.
that loan to-be paid back, by a number of regular installments of principal and interest, that are equal or nearly equal, without having any special balloon payment ahead of readiness.