principal balance
Outstanding debt amount
The principal balance is the amount of a loan that remains unpaid, not counting interest or fees.
When you make mortgage or loan payments, part goes toward interest and part reduces the principal balance.
After ten years of payments, our principal balance had dropped to $180,000.
The principal is what you actually borrowed; interest is what you pay for borrowing it.
- interest rateCost of borrowing money
- fixed rateUnchanging interest percentage
- amortizationGradual debt reduction schedule
- borrowerOne who takes temporarily
- loanBorrowed money repaid later
repayment · statement · loan agreement · unpaid · payoff · equity · collateral · promissory note · payment schedule · escrow account · outstanding · paydown · lump sum · debt · debt free · refinancing · due · foreclosure
- debtdebt, creditor, owe, debtor, lender
- loan paymentsmonthly payment, loan payment, minimum payment, loan repayment, payment schedule
- foreclosureforeclosure auction, forced sale, foreclosure prevention, foreclosure notice, foreclosure sale
- creditcredit card, credit score, credit limit, credit cards, credit scores
- debt recordsinvoice, bill, statement, ledger, IOU
- federal loansdirect loans, direct loan, subsidized loans, subsidized loan, unsubsidized loan
loan component type
principal balanceinterest
Attention, stake, or fee
accrued interest · finance charges · interest payments · interest charges · service charges