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Mortgage
refers to the legal instrument that can be noted on the title of a property. A mortgage secures a loan and gives the mortgagee (the lender) the right take possession of a property if their loan is in default.
The amount you borrow with your mortgage is known as the principal. Each month, part of your monthly payment will go toward paying off that principal, or mortgage balance, and part will go toward interest on the loan. Interest is what the lender charges you for lending you money.
Learn MoreOn most home mortgages, the interest payment is calculated monthly. Hence,Your bank will take the outstanding loan amount at the end of each month and multiply it by the interest rate that applies to your loan, then divide that amount by 12.
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