Amortization is a term associated with mortgage loans and is mainly used in relation to loan repayments.  Technically defined, amortization is an accounting method in which expenses are accounted for over the useful life of the asset rather than at the time they are incurred.  Amortization is similar to depreciation in that the value of the liability (or asset) is reduced over time.  Simplified in terms of a mortgage, amortization is a payment » Read more: Loan Amortization Defined

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