Fully Amortizing Payment

A monthly mortgage payment which, if the rate remains unchanged throughout the remaining life of the loan, will completely pay off the loan. With fully amortizing payments, you will not require a balloon payment at either the beginning or end of the loan. If you make prepayments on a loan, the monthly payment is more than fully amortizing, meaning that the loan will pay off completely before its commencement. < Prev   Next >