Meaning & use
mortgage payment
Last updated
Meaning
nouncountablefinance
The sum of money a borrower pays at regular times to a lender to repay a loan taken out to buy property.
Grammar: Countable: a mortgage payment, my monthly mortgage payments.
Patterns
- make a mortgage payment
- miss a mortgage payment
Our monthly mortgage payment went up when interest rates rose.
She never missed a mortgage payment in twenty years.
Can you cover the mortgage payment if I lose my job?
Word forms
| plural | mortgage payments |
|---|
Common combinations
- monthly mortgage payment
- Their monthly mortgage payment is nearly half their income.
- make a mortgage payment
- He forgot to make a mortgage payment this month.
- miss a mortgage payment
- If you miss a mortgage payment, the bank may charge a fee.
- lower your mortgage payment
- Refinancing can lower your mortgage payment.
- afford the mortgage payment
- They could not afford the mortgage payment after the divorce.
Synonyms and how they differ
- installment
- Installment is any payment in a series for any debt, while mortgage payment is specifically for a home loan.
- repayment
- Repayment is the more common British word and can mean the act of paying back, whereas mortgage payment focuses on the regular amount.
- home loan payment
- Home loan payment is a plainer way to say the same thing but sounds less technical.
Word family
Commonly confused: mortgage payment or rent?
mortgage payment vs rent
Rent is paid to a landlord to use a home you do not own, while a mortgage payment goes toward a loan on a home you are buying.
Practice
Which person is most likely making a mortgage payment?
Choose one answer.
A mortgage payment repays a loan taken to buy property. The tenant pays rent, which is the tempting confusion.
Make it your own
Write a sentence using “mortgage payment”, then check it and compare it with the examples above.