15Year Payment Plan Financial Glossary

What is it? A loan payment option that ensures payments large enough to cover all interest due and extra principal to pay off your loan based on a 15-year term.

Finance Term Definition Added By: Ava

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Other Similar Finance Terms:

Financial Term Closing Costs is Customary costs above and beyond the sale price of the property that must be paid to cover the transfer of ownership at closing. These costs generally vary by geographic location and are typically detailed to the borrower after submission of a loan application.

Financial Term Capital Loss is Loss from the sale of an asset or security.

Financial Term Interest is For savings and checking accounts, interest is the payment by a financial institution to customers for the use of their funds. Conversely, interest is what a borrower pays over and above the amount of a loan for the use of the financial institutions money (see Principal).

Financial Term Spread is The difference between the Bid and Offer prices.

Financial Term Assumed sale/purchase is Whether a transaction is a purchase or a sale is judged on the basis of the trade price in relation to the mid-price at the time the trade is published, e.g. if the trade price is greater than the mid-price, a purchase is assumed and visa versa. Large trades can be subject to a delay in publication which may result in an unreliable interpretation.