Definition
A detailed table showing how each mortgage payment is split between principal and interest over the loan's lifetime. It's essentially a financial crystal ball revealing that your first payments are basically just interest donations to your lender.
Example Usage
According to the amortization schedule, I won't even own 10% of this house until year seven of my 30-year mortgage.
Origin
From Latin 'ad mortem' meaning 'to death,' referring to the gradual extinction of debt
Fun Fact
In the early years of a 30-year mortgage, roughly 80% of your payment goes to interest, not principal—basically renting money from the bank.
Source: Federal Housing Finance Agency loan documentation standards
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