Q:

What is a home amortization loan?

A:

Quick Answer

A home amortization loan is a home loan taken out by a person financing a home that has an amortization schedule, according to Wells Fargo. An amortization schedule shows the number of payments that must be made along with the monthly payments as well as the principal that will be paid, the interest that will be paid, the remaining principal and the cumulative interest paid in some cases.

Continue Reading

Full Answer

The word "amortization" means paying off a loan or a type of debt over a specific period in installments. These installments must all be equal for the payment to be part of an amortization schedule, according to Bankrate.

Learn more about Credit & Lending

Related Questions

Explore