A loan with equal payments throughout its life. A constant payment loan allows the consumer to have both the interest and principal paid in full on the last payment. For example, a homeowner who obtains a constant payment loan will pay a fixed amount per month for 30 years. Because the homeowner is paying both interest and principal simultaneously the entire loan will be paid in full after 30 years. See level payment mortgage.
Related information about constant payment loan:
- Constant-Payment Loan: Definition from Answers.com
Loan on which equal payments are made periodically so as to pay off the debt when the last payment is made.
- What is constant payment loan? - BusinessDictionary.com
Definition of constant payment loan: Fixed installment loan where, as the loan is paid off, a progressively larger portion of the installment goes toward reducing ...
- What is constant payment loan? - InvestorWords.com
Definition of constant payment loan: A loan with equal payments throughout its life. A constant payment loan allows the consumer to have both the interest and ...
- What is CONSTANT PAYMENT LOAN? - The Law Dictionary
Definition of CONSTANT PAYMENT LOAN: A loan that while it is paid off a large amount comes off the balance. Much of many payments go towards interest ...
- What Is a Loan Constant?
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- Constant payment loan | Real Estate Agent Glossary
Constant payment loan. Loan mandating equal periodic payments to pay off the loan subsequent to the last payment. Search Popular Counties; Chemung Real ...
- PMT Function :: SAS(R) 9.3 Functions and CALL Routines: Reference
PMT Function. Returns the periodic payment for a constant payment loan or the periodic savings for a future balance. Category: Financial. Syntax. Example ...
- amortized loan - Business Definition
Also called constant payment loan. Compare term loan. The American Heritage® Dictionary of Business Terms Copyright © 2010 by Houghton Mifflin Harcourt ...