Cambodian definition, of, relating to, or characteristic of Cambodia, its people, or its culture. See more.
Outstanding Principal Balance The outstanding principal balance of a mortgage is simply the total amount of money it would take to pay off the loan in full. How much this amount is depends on how much was originally borrowed, how much has been paid down, and what the annual interest rate is.
On a 30 year loan, your total principal and interest payment would be approximately $1200. This means that $200 of the payment is going towards principal if you pay the regular amount due. Letâs assume however that you will pay an additional $1000 towards principal.You now have a principal balance in month 2 of $198,800 (the $200 that would regularly apply to principal plus the $1000 extra).f you are able, paying principal down on your mortgage is almost always a smart thing to do. Hereâs why: Assuming you have additional funds to pay down principal, doing so allows you to pay off your loan sooner and over time can save you quite a bit of interest.