Glossary

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Remaining Term
The remaining term refers to the number of months still outstanding on a loan. To calculate the remaining term, one simply deducts the number of payments made from the original term. The original term refers to the number of payments required to pay off the loan. Borrowers may inquire about the remaining term when he or she is considering placing the home on the market. The borrower needs to know the outstanding balance in order to ensure that the asking price is sufficient to cover the existing loan. The remaining term may decrease at a faster rate when borrowers pay additional principal payments. Additional principal payments are applied directly to the principal of the loan. Borrowers can reduce the loan term significantly when they regularly send in additional principal payments.