Simple Interest Mortgage

Simple Interest Mortgage

A mortgage on which interest is calculated daily based on the balance on the day of payment, rather than monthly, as on the standard mortgage.

See Amortization/Simple Interest Mortgages.

References in periodicals archive ?
Interest on a simple interest mortgage loan is charged to a borrower on the outstanding principal balance of the simple interest mortgage loan based on the number of days elapsed between the date through which interest was last paid on the simple interest mortgage loan through receipt of the borrower's most current monthly payment, and the portion of each monthly payment that is allocated to interest and principal is adjusted based on the actual amount of interest charged on such basis.

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