Account Terms

    Scheduled Monthly Payment Amount: Definition

    The regular monthly payment due on an account.

    Definition

    Scheduled Monthly Payment Amount is the contractual monthly payment amount due on an account. For fixed-rate installment loans, this amount remains constant. For variable-rate loans or revolving accounts with minimum payment requirements, this may change over time.

    Examples

    • 00350 = $350 monthly payment

    Usage Notes

    • Should reflect current payment requirement
    • May differ from actual payment made
    • Important for debt-to-income calculations

    Related Terms

    Actual Payment AmountTerms FrequencyPayment History Profile

    More Account Terms

    Account Status
    A code indicating the current condition of an account.
    Account Type
    A code specifying the type of credit account.
    Account Number
    The unique identifier assigned to a credit account.
    Amount Past Due
    The total amount currently overdue on an account.
    Current Balance
    The total outstanding balance on an account.
    Credit Limit
    The maximum amount of credit available on a revolving account.
    Highest Credit
    The highest balance ever recorded on the account.
    Original Loan Amount
    The initial amount borrowed on an installment account.

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