- March 2018 -

Terminology Tip: Amortization Schedule

A table that details the payment amount, interest, principal and unpaid balance of a mortgage loan, allowing you to see exactly when your mortgage would be paid off. At the start of the schedule, the majority of each periodic payment is applied to interest since the interest is based on the outstanding balance; toward the end of the table, the majority of each payment is applied to the principal since the balance is much lower, gradually decreasing the balance of the loan until it reaches zero.


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