The amount borrowed on a loan
If you take out a loan for $100,000, the principal on the loan is$100,000. You repay the principal plus the interest and fees over the life of the loan. As you continue to pay off your loan, more and more of your payment goes to the principal, and slowly but surely the amount due shrinks away.
See: Amortization
Mortgage definitions and Real Estate Terms, Consolidating loans, refinancing mortgages and reverse mortgage process available to anyone. This consumer information site contains several tools and guides to aid in purchasing or refinancing a home or commercial property.
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Tuesday, June 27, 2006
