What is defined as the original amortization term minus the number of payments that have been applied?

The concept described in the question refers to the period remaining on a loan after some payments have already been made. In this context, the "original amortization term" represents the total duration over which the loan was initially scheduled to be repaid. When payments are made, they reduce both the original term and the amount of time left to fulfill the loan obligations. Therefore, the remaining term is calculated by subtracting the number of payments already made from that original term.

This term is crucial for both lenders and borrowers as it affects interest calculations, balance assessments, and financial planning. Understanding the remaining term helps borrowers know how many more payments they will need to make and can influence decisions regarding refinancing or paying off loans early, while lenders use this information to manage risk and cash flow.

The other terms do not accurately capture this specific definition in the context of loans. Current balance refers to the amount still owed but does not indicate the term left. Outstanding term is not a commonly used term in this context, and amortized term could refer to the total period but lacks the specific implication of how many payments have been made. Therefore, defining the remaining term as the original amortization term minus the payments applied is both precise and relevant in real estate finance.