An "amortization schedule," in general, is a record of loan or mortgage payments. This record includes the payment number, date, amount, breakdown of primary and interest, and the remaining equilibrium owed after the payment. An amortizing loan's periodic repayments comprise an amount designated for the allowance of the principal, so that the equilibrium will ultimately be reduced to zero. The time primary for the equilibrium to reach zero is calculated in an amortization schedule.
What is Fixed Rate Amortizing Loans?
Loan Amortization Schedules
The monthly payments for interest and primary remain consistent and never convert in fixed rates. The monthly payments will typically be stable even if property 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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