Beware of Using Other People’s Money–The Death Grip
A mortgage is an example of a secured loan. It is used to purchase houses or other types of real estate. The repayment options can vary depending on the lending institution, but most mortgage loans are repaid monthly over 25 years, called the amortized period.
When a monthly mortgage amortization payment is made, a portion of the payment goes to pay the principal of the loan (purchase price of the house) and the rest for the cost of using the loan (interest). The repayment schedule is called an amortization table, and it is used to identify future principal and interests payments.
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