Business and Personal Finance Dictionary

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• GRADUATED PAYMENT MORTGAGE (GPM)
  
  A mortgage on which the payment rises by a constant percent for a specified number of periods, after which it levels out over the remaining term and amortizes fully. For example, the payment might increase by 7.5% every 12 months for 60 months, after which it is constant for the remaining term at a fully amortizing level.
  
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