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Knowing how amortization works is essential to understanding how monthly payments are applied to your mortgage. Amortization is the industry term used to describe the calculation of monthly installments of principal and interest on a routine schedule.
The amortization period is the length of time that it will take to pay back the borrowed money.
The total amount that you pay over the life of the loan will be determined by: 1. the amount you borrow 2 the interest rate 3. the term, or length, of the loan.
Please use the calculator here to determine your monthly principal and interest payments.