The process of paying off a loan through scheduled, regular payments of principal and interest.
In an amortizing loan, each payment is split between interest and principal, with the mix shifting over time. Early payments are weighted more toward interest; later payments pay down more principal. An amortization schedule shows this breakdown for every payment across the life of the loan, which is why extra payments made early in a mortgage or auto loan save more in total interest than the same extra payment made later.
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