Amortization refers to the process of paying off a debt, often from a loan or mortgage over time through regular scheduled payments. A portion of every payment is applied towards both the interest and the principal balance of the loan. The exact amount applied to principal each time varies, with the remainder going to interest. An amortization schedule reveals the specific amounts put towards the interest and the principal balance, with each payment. Initially, a large portion of each payment is devoted to interest. As the loan matures, larger portions go towards paying down the principal.
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At www.bradfordmillerlaw you will find information about our firm along with helpful real estate information. To discuss your pending or potential real estate transaction call us at 312-238-9298 for a Free 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
Offering free legal representation to homeowners seeking a short sale
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