Definition, Meaning & Synonyms

mortgage-payment

noun

/ˈmɔːrɡɪdʒ ˈpeɪmənt/

Definition

A mortgage payment is the amount of money that a borrower must pay to a lender, typically on a monthly basis, as part of a loan used to purchase real estate.

Examples

When buying a house, it’s important to budget for your monthly mortgage payment.
The mortgage payment includes not only principal and interest but also escrow for insurance and taxes.
He struggled to make his mortgage payment on time each month.

Meaning

Mortgage payments usually cover the repayment of both the principal loan amount and the interest charged on it. They might also include property taxes and homeowners insurance fees, depending on the loan agreement.