Level Payment Mortgage

See: Growth Equity Payment.

Mortgages are odd things. When you sign up for paying a traditional one that lasts 30 years until final payoff, the payments are the same amount for all 360 checks you'll write. Your first check for $1,736 will be something like 99% interest and 1% or less principal paydown; your 360th check will be the opposite. But every check is the same level payment size.

Odd? Yes, especially because the inflation-adjusted cost of that same payment 30 years hence is probably about the cost of a McDonald's dinner for four. But that's how most mortgages work. And in reality, most people don't hang around 30 years paying off their mortgages into oblivion; they live in their home a half dozen to a dozen years, then move, upgrade, and lather, rinse, repeat until they're in the McMansion and all happy and stuff. Welcome to America.