Remaining Term

Definition - What does Remaining Term mean?

The remaining term is the amount of payments or the amount of time that is left on a loan before it can be said to be paid in full. Once the loan is paid in full, then no further payments are necessary.

Justipedia explains Remaining Term

An example of a remaining term would be a man who has taken out a $10,000.00 loan, and who still owes $3,000.00 on it. The loan will continue to accumulate interest until all of the payments have been made, and the debt is completely repaid to the lender. Periods of forbearance can extend the remaining term. They add on more time, and more money to be repaid due to interest accumulating.

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