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self-amortizing mortgage |
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Self-amortizing mortgage Mortgage whose entire principal is paid off in a specified period of time with regular interest and principal payments. Self-Amortizing Mortgage A mortgage in which the holder pays for part of the principal and the interest each month. A self-amortizing mortgage differs from an interest-only mortgage, in which the holder does not make principal payments over the life of the mortgage. An advantage of a self-amortizing mortgage is the fact that the holder does not have to make a lump sum payment of the principal at maturity (or refinance at a potentially higher interest rate). However, self-amortizing mortgages have higher monthly payments than other mortgage types. self-amortizing mortgage How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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