The phrase "amount owed on the mortgage" refers to the specific sum of money that a person still owes to the lender for their home loan. It represents the outstanding balance or debt that needs to be paid off over time. Full definition
Many homeowners worry about the consequences of undertaking a short sale, and paying their lender back less than the full amount owing on their mortgage. (arklawgroup.com)
You may make a lump sum payment of up to 20 % of the principal amount owing on the mortgage at the beginning of your current term without paying a penalty or charge. (bridgewaterbank.ca)
Equity is the difference between the fair market value of a property and the outstanding amount owed on the mortgage. (vahomeloancenters.org)