An "amortization schedule," in general, is a narrative of loan or mortgage payments. This narrative includes the payment number, date, amount, breakdown of needful and interest, and the remaining balance owed after the payment. An amortizing loan's periodic repayments contain an whole designated for the discount of the principal, so that the balance will ultimately be reduced to zero. The time needful for the balance to reach zero is calculated in an amortization schedule.
What is Fixed Rate Amortizing Loans?
Loan Amortization Schedules
The monthly payments for interest and needful remain consistent and never change in fixed rates. The monthly payments will typically be stable even if asset taxes and homeowners assurance increase. In a fixed rate-amortizing loan, the interest rate remains fixed for the life of the loan. The monthly payments remain level for the life of the loan and are prearranged to pay off the loan at the end of the loan term. An example of a fixed rate loan is a 30-year mortgage that takes 22.5 years of level payments to pay half of the original loan amount.
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