Many people aspire to own homes, and a mortgage is one of the best ways to do it. If you recently got a mortgage or want to learn more about how this financial product works, it’s important to know ...

Principal is the amount you borrowed, and interest is the amount you pay to the lender as a charge for borrowing. To ...

Dear Stephanie: Sure! Let’s say you have these loan terms: $150,000 principal at 6% interest for 15 years. Your monthly payments are $1,265.78. You are about to make your first monthly payment. If you ...

One of the main advantages of a 30-year mortgage is that the monthly payments are generally lower than other mortgage options. For example, with a $300,000 principal loan balance and 6.15% interest ...

Estimate your monthly loan repayments, interest rate, and payoff date Fact checked by Rebecca McClay Amortization is an accounting technique that's used for several different purposes. Most of us ...

Mortgage recasting lets you reduce your mortgage payments and total interest by paying a lump sum toward your loan principal. When you recast a mortgage, your interest rate and loan term stay the same ...

High mortgage rates are a reality for homebuyers, but there are ways to ease the pinch. One is a repayment strategy called biweekly mortgage payments. With a small additional investment up front and ...