In an amortized mortgage, the monthly payment is the same each month. The part used to pay the principal increases each month, while the amount going toward interest decreases.
What is a mortgage?
These are loans granted by banks or a specialized mortgage to borrowers who intends buying a house.
Amortization is a repayment feature of loans with equal monthly payments and a fixed end date. Mortgages are amortized, and so are auto loans.
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