Mortgage
Lending & MortgagesA loan used to purchase real estate, where the property itself serves as collateral.
Example
Example: You borrow $320,000 at 6.5% for 30 years. Monthly payment: $2,023 (principal + interest). Over 30 years, you pay $728,280 total — $408,280 in interest on top of the $320,000 principal. Making one extra payment per year ($2,023 additional annually) pays off the mortgage 5 years early and saves $72,000 in interest. Use our mortgage calculator.