level payment mortgage definition

level payment mortgage

Amortization of a mortgage loan through installments that remain constant over the loan term. At the beginning, almost the entire amount of the installment goes toward paying off loan interest. As the total loan amount is reduced, an increasing portion of the installment goes toward paying off the loan principal. Also called amortizing mortgage. See also level payment amortization.

This content can be found on the following page:

http://www.businessdictionary.com/definition/level-payment-mortgage.html