Amortization Schedule – The gradual repayment of a mortgage loan by installments.
This document you will see at closing, and it’s about 4 pages of numbers. Each line item will show you the total payment and how much is allocated to cover interest, taxes, insurance and the principal amount of the loan. These numbers will change with every payment.
Did you know that if you make an extra payment towards principal every year, you will cut YEARS off of your payoff term. Try it! There are many amortization calculators out there, here is one to use to play with the numbers.
To calculate your next home loan, here’a great resource!
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Linda DeVlieg Killman
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