mortgage-payment

Vocabulary Word

Definition

Mortgage payment is the monthly or regular payment you make to pay back the mortgage loan you took to buy property, often a house. It usually includes the principal loan amount and interest.

Examples in Different Contexts

In personal finance, a 'mortgage payment' is the monthly amount paid by a borrower to a mortgage lender for a loan on a property. A financial planner might say, 'It's important to calculate your mortgage payment accurately to ensure it fits within your monthly budget.'

Practice Scenarios

Real Estate

Scenario:

This property fits all your requirements and is quite affordable. However, consider the ongoing costs like taxes, maintenance charges, and insurance.

Response:

Could you help me calculate the estimated monthly mortgage payment for this property?

Homeownership

Scenario:

While budgeting your income, always factor in your essential expenses like electricity, groceries, transportation costs and savings for emergencies.

Response:

I think setting aside a certain amount for mortgage payments is a good start in creating my monthly budget.