Definition: The word "mortgage now" is a loan that requires repayment at a future date rather than currently, usually when you purchase a house or other property. The loan amount typically includes interest, as well as principal and any additional charges such as fees and closing costs. The term "now" refers to the current period of time in which you are making the payment. For example, if you take out a mortgage for $500,000 with an annual interest rate of 4%, and it takes a total of three years for the loan to be fully paid off, then your monthly payments would be approximately $237.36 (1.3% per month x 3 years = $384.08).
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