Morgage Amortization Explained - Defines What Payment Amortization is...
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If you are interested in viewing an amortization graph, chart or spreadsheet you can use our Morgage Amortization Calculator to view a full Excel Calculation of your amortization. The table will illustrate how the amount of interest gradually decreases over time as more money goes toward the principal balance.
Other Important Morgage Terms
Abstract of Title – A summary of recorded transactions concerning
Acceleration Clause - Provision in a mortgage that gives the lender the right to require immediate repayment of the loan balance if regular mortgage payments are not made or if other clauses in the mortgage are breached.
Accrued Interest - Interest earned but not yet paid.
Addendum - A supplemental document for borrowers advising them of the characteristics of the mortgage loan they are applying for. This document is often required when applying for a government loan program.
Adjustment Interval/Period – The time between changes in the interest rate on an ARM
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Morgage Amortization Defined and Explained
Morgage amortization is the repayment of principal from scheduled mortgage payments that exceed the amount of interest due. The scheduled payment less the interest equals amortization. The loan balance declines by the amount of the scheduled payment, plus the amount of any extra payment. At the end of the Amortization Term the balance will be paid according to terms of the loan.If you are interested in viewing an amortization graph, chart or spreadsheet you can use our Morgage Amortization Calculator to view a full Excel Calculation of your amortization. The table will illustrate how the amount of interest gradually decreases over time as more money goes toward the principal balance.
Other Important Morgage Terms
Abstract of Title – A summary of recorded transactions concerning
Acceleration Clause - Provision in a mortgage that gives the lender the right to require immediate repayment of the loan balance if regular mortgage payments are not made or if other clauses in the mortgage are breached.
Accrued Interest - Interest earned but not yet paid.
Addendum - A supplemental document for borrowers advising them of the characteristics of the mortgage loan they are applying for. This document is often required when applying for a government loan program.
Adjustment Interval/Period – The time between changes in the interest rate on an ARM