We report precise measurements of the mass and decay width of the top quark in the $\it{t}$-channel, which is the most dominant production process for single top quarks at the LHC. The final state comprises a top quark along with a light quark, resulting in at least two jets, one of which arises from the hadronization of a b-quark, an isolated high-momentum lepton (electron or muon), and a large missing transverse momentum due to an escaping neutrino from the W boson decay. The study uses proton-proton collision data recorded by the CMS experiment. We study dominant standard model backgrounds in complementary regions and deploy different techniques to separate the signal from these backgrounds. The measured top quark mass is $m_{\mathrm{t}} = 172.13\, ^{+0.76}_{-0.77}\, \GeV$ based on 39.5 $\mathrm{fb^{-1}}$ data collected by the CMS experiment during 2016. A simultaneous determination of the top quark mass and decay width using Monte-Carlo simulation predicts a combined statistical and profile uncertainty of 0.32 GeV for an expected decay width $\mathrm{\Gamma_{t}} = 1.54$ GeV.