Definition: The mortgage on a $200,000 property refers to the amount of money that you have borrowed or lent against this property for the purpose of buying another one. This term also means that you are required to pay back your loan in full through monthly installments over the life of the loan. For instance, if a person borrows $200,000 from a lender and agrees to repay it back with monthly payments, this is known as a mortgage.
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