Remaining Balance

Definition

  • The unpaid or remaining principal left on a loan.

Synonyms
mortgage principal remaining, unpaid principal, principal, remaining principal, loan principal remaining, principal remaining

Related Terms and Acronyms

  • Amortization Table Definition,
    • A mathematical formula used to calculate monthly mortgage payments based on the borrowed loan amount, the interest rate, and the loan term.
  • Mortgage Renewal Definition, Very Important,
    • A renewal as it pertains to the mortgage industry is defined as having an existing mortgage term end and signing a new term to continue.
  • Original Principal Balance Definition,
    • The amount borrowed.
  • Principal Definition,
    • The original balance of money lent on an outstanding loan and fees, excluding interest. Also the remaining balance of a loan, excluding interest.
  • Principal and Interest (PI, P&I) Acronym,
    • Acronym for the elements of a mortgage payment: principal and interest.
  • Provision for Credit Losses (PCL) Acronym, Canada,
    • The amount deducted from income equal to the amount by which a bank adjusts its loan balances to reflect anticipated losses on them.
    • A margin set by companies to compensate for losses due to unpaid credit.
  • Reconveyance Definition,
    • The transfer of title to the borrower after a mortgage has been paid fully.
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