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Glossary Definition
Amortization Schedule

A table detailing periodic payments on a loan or mortgage that pays down the principal in a series of regular steps called amortization. While a portion of every payment is applied toward both the interest and the principal balance of the loan, the exact amount applied to principal each time varies (with the remainder going to interest). Initially, a large portion of each payment is devoted to interest. As the loan matures, larger portions go toward covering principal payments.