Fixed Payment
An installment payment that remains the same for the entire term of the loan.
Frequently Asked Questions
Does a fixed payment mean I pay the same amount of interest?
No, in a typical amortized loan, the total payment is fixed, but the proportion of interest versus principal changes over time.
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Amortization
Amortization is an accounting technique used to periodically lower the book value of a loan or intangible asset over a set period of time.
Debt-to-Income Ratio (DTI)
The percentage of your gross monthly income that goes toward paying your monthly debt payments.
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