Remaining Balance

Definition

• The unpaid or remaining principal left on a loan.

Synonyms
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.