Amortization A monthly repayment schedule in which a loan is repaid in fixed payments of principal and interest. Annual percentage rate (APR) The annual cost of a loan, expressed as a yearly rate. APR takes into account interest, discount points, lender fees and mortgage insurance, so it will...
Most mortgages are due in full in 30-years and also based on a 30-year amortization. That is, the total loan amount, or lien(s) will need to be paid off in 30 years, or 360 months. Amortization refers to how the mortgage is paid off. It is essentially the way your mortgage paymen...