What does Amortization mean in respect to home loans?

Amortization is the distribution of a single lump-sum cash flow into many smaller cash flow installments, as determined by an amortization schedule. Unlike other repayment models, each repayment installment consists of both principal and interest. Amortization is chiefly used in loan repayments (a common example being a mortgage loan) and in sinking funds.

Payments are divided into equal amounts for the duration of the loan, making it the simplest repayment model. A greater amount of the payment is applied to interest at the beginning of the amortization schedule, while more money is applied to principal at the end.

Amortization is the payment schedule set up to repay a loan. In conventional mortgages, this is the total of interest and principal equally spread out over the the term of the loan. In a balloon payment loan, only the interest amount may be amortized for the period of time, with the full amount of principal due at the end of the loan period.

Amortization is then the paying back in equal amounts of a loan amount. Amortization calculators are all over the web and there are iphone apps available as well. One web version that allows for seeing the effect of increasing payments can be found at: bankrate.com/brm/amortization-calculator....

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