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Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately


Synonyms:partial payment, payment, premium, regular payment
Filed Under: financial-banking, mortgages
Tags: banking, mortgage

Definition of instalment

1. A payment made towards the settlement of a debt that is typically paid at regular intervals to the creditor or lender.

Related Terms and Acronyms:

  • accumulation period (AP)   The period where an investor continues to put money into his or her investment(s).
  • annuity consideration   The payment(s) made by an individual in order to accumulate value in an annuity.
  • balloon payment   A loan instalment that is larger than the other, periodic payments and pays off the remaining principal.
  • late payment   A sum a borrower sends to a lender that is received past the date when it was due.
  • lender   The bank or mortgage company offering the loan.
  • lump sum payment   One-time single-sum payment or payout.
  • payout phase   The phase of a deferred annuity where the annuity begins to make payments to the annuitant.
  • premium   A payment made to an insurance company for insurance coverage.
  • secured debt   A debt that is secured by a lien on debtor's property that may be taken by the creditor in case of non-payment by the debtor. A common example is a mortgage loan.
  • Tax Instalment Payment Plan (TIPP)   A popular property tax payment plan that allows you to pay your taxes monthly without any penalties or additional charges.

More Related Terms and Acronyms

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