How do Mortgage Amortization Schedules Work?
A mortgage amortization schedule runs chronologically: that is to say the schedule runs in a “time forward” fashion, either from the present date to a future date or a future date to another more distant future date. The first payment in the amrtization schedule will generally be considered to be a full payment period after the mortgage loan has been activated. This period is of course different from the very 1st day that the loan is activated (which is known as the mortgage loan amortization date). The last payment is assumed to be the one that repays the principal, i.e. pays of or amortizes the mortgage. Oftentimes the payment amount that amortizes the mortgage loan can be different than the other repayments.
