Mortgage Payment

Definition

  • A payment, often made monthly, semi-monthly, bi-weekly, or weekly, that goes toward paying off a mortgage's principal and interest.

Synonyms
weekly mortgage payment, semi-monthly mortgage payment, bi-weekly mortgage payment, monthly 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,
    • An extra payment made to reduce a loan.
    • One-time single-sum payment or payout.
  • 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.
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