Amortization: -- repayment of a mortgage loan through monthly installments of
principal and interest; the monthly payment amount is based on a
schedule that will allow you to own your home at the end of a specific
time period (for example, 15 or 30 years)
A repayment method in which the amount you borrow is repaid gradually though regular monthly payments of principal and interest over the term of the loan.
amortization -- the repayment of a loan calculated so that the principal will be paid in full through monthly payments of principal and interest for a predetermined period of time. Many home mortgages are fully amortized in 15, 20 or 30 years.
Amortization -- 1. The provision to pay a debt over a period of time.
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