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Glossary > L > "Level pay" Definition

Level pay

The characteristic of the scheduled principal and interest payments (P&I) due under a mortgage such that total monthly payment of P&I is the same while characteristically the principal payment component of the monthly payment becomes gradually greater while the monthly interest payment becomes less.

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Level pay - The characteristic of the scheduled principal and interest payments (P&I) due under a mortgage such that total monthly payment of P&I is the same while characteristically the principal payment component of the monthly payment becomes gradually greater while the monthly interest payment becomes less.

Level pay : the characteristic of the scheduled principal and interest payments (p&i) due under a mortgage such that total monthly payment of p&i is the same while characteristically the principal payment component of the monthly payment becomes gradually greater while the monthly interest payment becomes less.