LEVEL PAYMENT MORTGAGE
A mortgage that requires the same payment every month or every period, for the entire loan term. At the beginning, almost the whole installment amount goes to paying off loan interest. But as the value of total loan decreases, an increasing portion of the installment is set for the principal loan. The level payment mortgage lets borrowers to know exactly the amount they need to pay on the mortgages every pay period. It is payable in three, five, or ten years, depending on the agreement of both parties. Its stability makes it easier for borrowers to allot a budget and stick to it. This mortgage can be fixed or variable-rate loans.
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