Mortgage Payment


Definition of "Mortgage Payment"

The payment of principal and interest made by the borrower.

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Popular Real Estate Terms

Mortgage Requirement

The amount of a periodic payment, whether monthly, quarterly, or annually, including interest and principal, required for a mortgage payment. ...

Monthly Housing Expense

Same as term housing expense. The sum of the monthly mortgage payment, hazard insurance, property taxes, and homeowner association fees. Housing exp ...

Interest Due

The amount of interest, expressed in dollars, computed by multiplying the loan balance at the end of the preceding period times the annual interest ra ...

Delinquency

A mortgage payment that is more than 30 days late. ...

Negative Amortization

A rise in the loan balance when the mortgage payment is less than the interest due. Sometimes called 'deferred interest'. ...

Biweekly Mortgage

A mortgage on which half the monthly payment is paid every two weeks. This results in 26 payments per year, which is the equivalent of 13 monthly paym ...

Popular Real Estate FAQ

How Much Can I Afford ?

Find out what type of home is in your budget by entering a few numbers into our calculator. Our calculator is based on standard affordability ratios u ...

What Is Escrow?

Escrow is a trust account created by a neutral third party to hold money for the seller or buyer. When you put down a deposit on a house, for example, ...

Besides Making My Monthly Mortgage Payment, How Can I Build Equity Into My House?

When making your monthly mortgage payment, try to send a little bit more. This will go directly to the principal of the loan rather than the interest ...

What Is A Lease Purchase Mortgage?

A lease purchase mortgage is a financing option that allows potential homebuyers to lease a property with the option to buy. Often constructed so the ...

How Much Income Do I Need ?

Mortgage companies use ratios to analyze your mortgage payment. The housing payment ratio (or front ratio) used in this calculation is 30%. The housin ...

What Is A Lien?

A lien is a claim against a property. ...

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