The process of paying off debt over time through regular payments.
A detailed table outlining each loan payment, breaking down the amount going toward principal and interest.
The annual rate charged for borrowing, expressed as a single percentage representing the actual yearly cost of funds.
Interest calculated on the initial principal and also on the accumulated interest of previous periods.
An interest rate on a loan that remains constant for the duration of the loan period.
The cost of borrowing money, usually expressed as an annual percentage of the principal.
The initial amount of money borrowed before interest.
The final payment date when a loan's principal and interest must be fully paid.
Occurs when the loan payments do not cover the interest due, causing the loan balance to increase.
A fee charged by lenders if a loan is paid off early.
The remaining unpaid portion of a loan, excluding future interest.
Replacing an existing loan with a new loan, typically to obtain a lower interest rate or more favorable terms.
Interest calculated only on the initial amount of money borrowed.
The length of time set for the borrower to repay the loan.
An interest rate that can fluctuate over the term of the loan based on market conditions or an index rate.