Mortgage Payment Definition: A mortgage payment is an installment applied to an existing mortgage, including the principal and interest. These payments are paid monthly, in most cases, and go directly to the lender or financial institution.
Mortgage payments do not include the down payment, which is made prior (to r separately)from the monthly amounts that pay off the total principal and interest over time. These amounts typically stay the same monthly, especially if the mortgage is fixed-rate.
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