Gradual payment of a mortgage loan by installments over a period of time
A timetable for payment of a mortgage loan. The amortization schedule shows the amount of each payment applied to interest and principal and shows the remaining balance after each payment is made.
The amount of time required to amortize the mortgage loan. The amortization term is expressed as a number of months. For example, for a 30-year fixed-rate mortgage, the amortization term is 360 months.
Source: GMAC Real Estate