A loan in which the repayment is made in more than one installment, as opposed to a bullet loan where the repayment is made in a single lump sum at the end of the term.
A loan in which the whole of the principal is repaid in a single final payment known as a 'bullet', although interest may be paid in interim payments. Compare with an amortizing loan.
A constant-payment loan is structured such that equal payments are made periodically to completely pay off the debt by the loan's maturity date. This type of loan typically involves fixed interest rates and scheduled payments that cover both principal and interest.
A periodic, typically monthly, payment required by an amortizing loan that includes escrow deposits. Each periodic payment includes a principal and interest payment plus a contribution to the escrow account set up by the lender to pay insurance premiums and property taxes on the mortgaged property.
