Fully Amortizing Payment

Fully Amortizing Payment

The monthly mortgage payment which, if maintained unchanged through the remaining life of the loan at the then-existing interest rate, will pay off the loan at term.

See Amortization/Fully Amortizing Payment.

References in periodicals archive ?
The Solution: "While hybrid option ARMs aren't for every borrower," notes Collinson, "it's clear that Uncle Henry and Auntie Em are sensible, hard- working people who could benefit from a hybrid option ARM product where, depending on their cash flow every month, they can pay the fully amortizing payment or choose a lower fixed payment based on a temporarily low interest rate.
Thus, even though they may be qualified at a fully amortizing payment based on the fully indexed rate, some doubt still remains about the ability of borrowers to pay because their income is simply stated and not documented.
NetBank's Option ARM is an adjustable-rate mortgage that provides borrowers the added flexibility of making one of three possible mortgage payments: a minimum payment, an interest-only payment, or a fully amortizing payment, based on either a 15, 30 or 40-year term depending on the product.
The new bonds, which are rated AAA and A1+ by Standard & Poor's, have maturities ranging between 28 and 30 years and have a fully amortizing payment schedule over that period.
Approximately 30% of the portfolio consists of fixed rate interest only loans that have fully amortizing payments commencing in 2010;
Two-thirds of the mortgage loans are less than five years old and 33% of the portfolio consists of fixed rate interest only loans that have fully amortizing payments commencing in 2010.
Two-thirds of mortgage loans are less than five years old and 33% of the portfolio consists of fixed rate interest-only loans for which a portion have fully amortizing payments commencing in 2010.
Fitch also found that in recent vintages, borrowers exercised the other payment options, making interest only (IO) payments in addition to minimum payments, as well as fully amortizing payments.