An amortization schedule is a table detailing each periodic payment on a
loan (typically a
mortgage), as generated by an
amortization calculator. While a portion of every payment is applied towards both the
interest and the
principal balance of the loan, the exact amount applied to principal each time varies (with the remainder going to interest). An amortization schedule reveals the specific dollar amount put towards interest, as well as the specific put towards the Principal balance, with each payment. Initially, a large portion of each payment is devoted to interest. As the loan matures, larger portions go towards paying down the principal.
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