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Home > Real Estate Resources > Real Estate Glossary > Definition of LEVEL-PAYMENT MORTGAGE

LEVEL-PAYMENT MORTGAGE



A loan on real estate that is paid off by making a series of equal (or nearly equal) regular payments. Part of the payment is usually interest on the loan and part of it reduces the amount of the unpaid principal balance of the loan. Also sometimes called an "amortized mortgage" or "installment mortgage."








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