What is a mortgage amortization schedule?

A mortgage amortization schedule is a document that outlines all of the payments that a homeowner must make in order to pay off their mortgage. This document will specify the total amount to be paid off, the amount of each payment, and the amount of interest that accrues with each payment. In California, a mortgage amortization schedule needs to be provided to the borrower when they are approved for a loan. This document is an important way for the borrower to determine how long it will take to pay off their loan and the total amount they will pay by the end of the loan. The schedule will also show the borrower the amount of interest and principal payments that are due each month. With this information, the borrower can accurately budget for their monthly mortgage payments and anticipate how much they will owe by the end of their mortgage term.

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What is a mortgage amortization schedule?

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