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What is the difference between the principal and interest on a mortgage?
Posted : 28/04/2024 4:28 pm
The principal is the amount borrowed, while the interest is the amount paid to the lender for the use of their money. In the early stages of a mortgage, a larger share of the payment goes toward interest, but as the borrower pays down the loan, an increasing share of the payment goes toward the principal.
Posted : 30/04/2024 5:32 pm