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How does paying down a mortgage work?

  • Listed: August 12, 2022 11:13 pm
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How does paying down a mortgage work?

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.

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Listing ID: 91562f6de9d9d374

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