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When you repay a conventional mortgage, you include both repayment of the loan principal and monthly interest on the outstanding balance. Loan payments are amortized so that your monthly payment remains the same during the repayment period, but during that period, the percentage of the payment that goes toward principal will increase as the outstanding mortgage balance decreases. Mortgage payments can also include prepayments of property taxes, homeowner’s insurance and monthly homeowner’s association dues into an escrow account, managed by your lender. When those items are due, your lender will make the payment to the tax authority, insurance company or homeowner’s association.