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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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Remaining Balance


Synonyms:loan principal remaining, mortgage principal remaining, principal, principal remaining, remaining principal, unpaid principal
Filed Under: financial-banking, mortgages
Tags: banking, mortgage
 

Definition of remaining balance

remaining balance
1. The unpaid or remaining principal left on a loan.

Related Terms and Acronyms:

  • amortization table   A mathematical formula used to calculate monthly mortgage payments based on the borrowed loan amount, the interest rate, and the loan term.
  • mortgage renewal   A renewal as it pertains to the mortgage industry is defined as having an existing mortgage term end and signing a new term to continue.
  • original principal balance   The amount borrowed.
  • principal   The original balance of money lent on an outstanding loan and fees, excluding interest. Also the remaining balance of a loan, excluding interest.
  • principal and interest (P&I, PI)   Acronym for the elements of a mortgage payment: principal and interest.
  • provision for credit losses (PCL)   The amount deducted from income equal to the amount by which a bank adjusts its loan balances to reflect anticipated losses on them.
  • reconveyance   The transfer of title to the borrower after a mortgage has been paid fully.

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