What is Amortization?
The definition of amortization is he action or process of gradually writing off the initial cost of an asset or the action or process of reducing or paying off a debt with regular payments over a certain period of time. In more basic terms its a plan that breaks down your loan in equal payments over a certain term.
What is Amortization in Mortgage?
Amortization in the mortgage world refers to the process of gradually paying off your mortgage in scheduled payments. Your mortgage payments are divided equally, usually monthly, over the span of your agreed upon mortgage term. Your payment is usually a combination of principal & interest as well as your