The term that refers to the original amortization term minus the number of payments that have been applied is called?

The term that refers to the original amortization term minus the number of payments that have been applied is known as the remaining term. This concept is crucial in understanding the lifespan of a loan; it calculates how much time is left until the loan is fully paid off based on the number of payments that have already been made.

The remaining term directly impacts planning for remaining payments and can inform strategies for refinancing or prepayment. Knowing the remaining term helps borrowers understand how many payments they have left and assists lenders in assessing the risk associated with a loan.

In contrast, the outstanding balance refers to the total amount still owed on the loan, while amortization balance and loan maturity do not accurately capture the concept of the remaining time before the loan's completion. Amortization balance typically relates to the portion of the loan principal that has not yet been paid off, and loan maturity refers to the end date when the final payment is due, rather than the calculation of time remaining based on previous payments.