repayment schedule

Definition

Detailed outline of a borrower's loan agreement with a lender that shows the original loan amount, when payments are due, and how much of the payment goes to the principal and interest repayment. This statement may be provided on a monthly basis or may be issued when the loan is originally acquired.

Use repayment schedule in a sentence

You should make sure that you follow the repayment schedule and always make the payments on time no matter what.

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After I applied for a mortgage, my banker called and said he would send me an email with an approval form and a proposed repayment schedule for my review.

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It is important to understand that a repayment schedule must be adhered to by the borrower; failure to do so will have ramifications that can have lasting effects.

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