Mortgage Amortization

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Mortgage Amortization

Mortgage amortization gives the breakdown on where the monthly mortgage payment goes. At the start of the mortgage, most of the payments are used to pay off the loan interest. As the term progresses, more of the monthly payment goes towards paying down the mortgage balance. Referring to the mortgage amortization schedule, the smart borrower realizes that making extra payments will result in the mortgage being paid off earlier. Furthermore, there will be savings in mortgage interest. The goal is to have more money going to your pockets than to your mortgage lender.


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