- The unpaid or remaining principal left on a loan.
principal, principal remaining, mortgage principal remaining, remaining principal, loan principal remaining, unpaid principal
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 (P&I, PI) — 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.