An amortization schedule is a month by month allocation of your monthly payment toward your loan's principal and interest.  For example, a standard 30 year mortgage amortization schedule outlines 360 consecutive monthly payments and how a loan will be paid off in fixed payments combining principal and interest.

With an amortization schedule you can see how the payment allocation toward interest decreases and toward principal increases as the term progresses.  Using the amortization schedule you can gage the amount of equity you will have at any given time during the loan term.  Mortgage Calculators

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