What is MORTGAGE PAYMENT?

A regularly scheduled amount owed that includes a portion of principal and interest paid by the home loan borrower to the lender. Real estate taxes and property insurance may be a part of the payment, if part of the loan agreement. The original loan amount is paid by the principal portion. The interest portion is paid to the lender.

More On This Topic




Link to This Definition

Did you find this definition of MORTGAGE PAYMENT helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary