Define and Discuss on Mortgage Payable

General objective of this article is to Define and Discuss on Mortgage Payable. This article analysis Mortgage Payable in accounting term with example. The long‐term financing used to buy property is known as mortgage. The property itself serves as security for the mortgage until it is paid off. The early payments consist of more interest than principal. Over the life of the mortgage, the portion of each payment that represents principal increases and the interest portion decreases.