What is mortgage payment and how do you perform it ?

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A mortgage payment is a monthly payment made towards a loan secured by real estate, covering principal and interest.

Mortgage payments typically consist of principal, interest, taxes, and insurance (PITI).
For example, if you have a $200,000 mortgage at 4% interest for 30 years, your monthly payment would be approximately $955.
Payments can be calculated using a mortgage calculator or formula: M = P[r(1+r)^n] / [(1+r)^n – 1], where M is monthly payment, P is loan amount, r is monthly interest rate, and n is number of payments.
It's important to consider additional costs like property taxes and homeowners insurance, which can be included in the monthly payment.
Mortgage payments can be made via bank transfer, check, or online payment systems.

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