Summary of Current Loan Amount: The total amount of the loan. This value is increased when principal is advanced only if the new value exceeds the old value. It is never decreased except in the case of a reverse of an advance that caused it to increase.
E.g. See below an example of how the Current Loan Amount is calculated:
- On 4/1/2018, the Loan Amount does not decrease after Principal Reduction, so it stays at the highest water mark.
- On 5/1/2018, the Principal Advance of $500 is less than the earlier Principal Reduction of $1000, so the Loan Amount stays at the highest water mark.