- A payment, often made monthly, semi-monthly, bi-weekly, or weekly, that goes toward paying off a mortgage's principal and interest.
monthly mortgage payment, bi-weekly mortgage payment, semi-monthly mortgage payment, weekly mortgage payment, payment
Related Terms and Acronyms
- Balloon Payment — Definition,
- A loan instalment that is larger than the other, periodic payments and pays off the remaining principal.
- Biweekly Accelerated Payment — Definition,
- A mortgage that schedules payments every two weeks instead of the standard monthly payment. The 26 biweekly payments are each equal to one-half of the monthly payment. The result for the borrower is a substantial reduction in interest payments because the mortgage is paid off sooner.
- Delinquent Mortgage — Definition, Important,
- A mortgage loan where the borrower fails to make payments as specified in the loan agreement.
- Interest Only Payments — Definition,
- A payment plan where only the interest is paid off.
- Late Payment — Definition,
- A sum a borrower sends to a lender that is received past the date when it was due.
- Lump Sum Payment — Definition,
- One-time single-sum payment or payout.
- An extra payment made to reduce a loan.
- Mortgage (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
- Pre-payment — Definition,
- Applying additional payments towards the balance of a mortgage loan.