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Principal, Interest, and Term


The principal of your mortgage is the amount you owe on the money you have borrowed from a lender.


The interest is what the lenders charge you to borrow their money. The interest adds up over time and is reflected in the form of an interest rate. Keep in mind, the interest you pay on your mortgage is tax deductible.


The term is the amount of time the lender allows you to pay back the money you borrowed. Keep in mind, large loans obviously have long terms, while smaller loans have shorter terms.


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