Mortgage Amortization is a mortgage repayment schedule, which allows a borrower to pay off the debt by the end of the mortgage term. It involves the payment of interest along with principal, in the form of several regulated installments. This is decided on at the time of closing between you and the lender.

These payments are paid off either monthly or bi-weekly. The process of mortgage amortization is to pay off the debt. A bi-weekly option is better because you unknowingly make one payment more than a monthly schedule. Thus you pay off your mortgage debt earlier.

The usual confusion is over the 'amortization' and the 'term', both of which deal with time periods. But the amortization time should be at least as long as the term. You can pay off the loan before; you can make a prepayment, only if there is no penalty attached to it. The longer the amortization schedule, the lower will be your payments.

Compare your income and how much you can afford in a month to repay your mortgage debt. After all expenses crop up uninvited. You can request for an amortization schedule from your lender. This will give you the detailed numbers on how your debt will be repaid over the set period of time for amortization.

Here is a typical amortization schedule for you to assess. For example if you have taken a mortgage for $100,000 at a rate of 6.5% amortized over a year, the schedule is as under

Payment Number

Payment Amount

Interest Amount

Principal Reduction

Balance Due

1.	$86210.13	$5411.25	$80798.88	$918201.12
2.	$86210.13	$4973.59	$81236.54	$836964.58
3.	$86210.13	$4533.56	$81676.57	$755288.01
4.	$86210.13	$4091.14	$82118.99	$673169.02
5.	$86210.13	$3646.33	$82563.80	$590605.22
6.	$86210.13	$3199.11	$83011.02	$507594.20
7.	$86210.13	$2749.47	$83460.66	$424133.54
8.	$86210.13	$2297.39	$83912.74	$340220.80
9.	$86210.13	$1842.86	$84367.27	$255853.54
10.	$86210.13	$1385.87	$84824.26	$171029.28
11.	$86210.13	$926.41	$85283.72	$85745.56
12.	$86210.01	$464.45	$85745.56	$0.00

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