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  Installment

The regular periodic payment that a borrower agrees to make to a lender.

The regular periodic payment that a borrower agrees to make to a lender. The installment is more often referred to as your monthly mortgage payment.

Installments, or monthly payments, can be made either monthly or biweekly, depending on your mortgage type. Your approved lender may also offer additional payment plans tailored to fit your needs.

 

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