Definition: The mortgage on 600k house is a financial obligation for a homeowner to pay back a loan or borrowing over time, typically for their home's purchase or renovation. The amount owed on a mortgage can vary widely based on factors such as credit score, interest rates, and the length of the mortgage term. Some common terms associated with mortgages include: - Interest rate - The amount charged by the lender for using funds from a loan - Principal - The total amount borrowed in an amount that includes all outstanding principal and interest payments - Monthly payment - A monthly payment is made to pay back a loan or borrowing over time - Loan term - The duration of the mortgage, typically ranging from 15 years to 30 years depending on the type of loan and other factors like credit score and income. The definition of "mortgage on 600k house" would depend on the specific terms of the loan or borrowing agreement. However, if you are referring to a term loan for a residential mortgage, it can refer to the total amount of money that someone owes in a single monthly payment towards the purchase of a home. In this case, the "mortgage on 600k house" is a term loan with a principal value of 600k.
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