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.
Normally, a home equity line of credit is considered a second mortgage. And you canât have a second mortgage without a first. So, letâs say you have a home worth $100,000 that you obtained with a traditional first mortgage. Youâve paid off $75,000 of the principal on that mortgage and you owe $25,000 (in principal). If you got a home equity line of credit, you could use the money you get from the HELOC to pay off the first mortgage. You no longer have a first mortgage, so the HELOC then becomes your first lien. When you make a mortgage payment, youâre paying two basic things: principal and interest. Principal is the amount you borrowed in the first place and the interest is the fee charged by the lender for borrowing the money.