Amortization schedule

Amortization is the process of paying a loan down. The amortization schedule is the written plan for that process—the list of dates and amounts. The table is a projection from the current terms. Extra principal, a missed payment, or a modification can make later rows differ from the original printout.

CFPB describes amortization as paying a loan with regular payments so the amount owed decreases. The schedule is the consumer-facing table of that plan, not a second product.

Borrowers reading a payoff quote or an extra-payment illustration need the table, not only the word amortization.

Sam’s schedule lists each due date, the interest portion, the principal portion, and the remaining balance after that payment. Paying extra principal would change later remaining-balance rows.

• Amortization