A mortgage payment is the amount of money you pay towards your mortgage — typically on a biweekly or monthly basis. Mortgage payments are made up of mortgage principal and interest.

The principal is the amount you borrow (mortgage amount). For example, if you have a $500,000 mortgage, the principal is $500,000. The lender charges interest on your principal, adding to the amount you owe.

When you start paying your mortgage, a larger portion of your payment goes towards interest. As you pay down your mortgage, the interest portion decreases so more of your payment goes towards paying off your principal.