What is an amortization schedule?
A. An amortization schedule provides you a list of equal loan payments calculated to pay off debt at the end of a fixed period, including accrued interest on the outstanding principal balance. As a customer of Rhode Island Housing you can obtain an amortization schedule of your mortgage loan through this website or by contacting our customer service department at 800 854-1180 or 401 457-1180 between the hours of 8:30 a.m. and 5:00 p.m. Monday through Friday. There may be a nominal fee for this service.
An amortization schedule is a schedule of the payments of your loan, separated out into what parts are applied to interest and what parts are applied to principal. Your payments don’t just go to the specific amount you borrowed, but rather factor in interest as well and the ratio or balance of principal to interest changes with each payment; it doesn’t remain constant. Amortization schedules are organized chronologically and you can follow it by the number of payment. Along with the part of the payment that’s applied to interest and principal separately, it also shows you how much interest and principal you’ve paid to date. This is an easy way to view the quick points of your loan and to view what part of your payments go where. Actually reading the schedule isn’t too difficult. It will usually be divided into columns and you can easily follow the succession of numbers from there (e.g. principal, interest, principal to date, interest to date, principal balance). With mortgage loans mos
The term amortization refers to the process of repaying your home loan by making installment payments. The schedule is simply a table that details how each payment is allocated to the total debt and other associated expenses. When you look at the amortization table for your home loan, it will show: • How much of each payment you make is applied toward the principal balance of your home loan • What amount goes to interest expense • What additional amounts allocated to insurance and property tax escrow accounts and Private Mortgage Insurance (PMI), if applicable.
An Amortization Schedule is a table, which lists all mortgage payments over the loan term, along with the structure of each payment. The payment structure changes over time: the interest portion decreases while the principal portion increases. It also shows the gradual decrease of the loan balance until it reaches zero at the end of the term. In Mortgage Calculator, the Amortization Schedule table has the following columns: • Payment # – the payment number within the loan term; • Date – the date on which the payment is due; • Payment – the amount you are to pay. This is the sum of the interest and the principal; • Interest – the interest portion of the payment; • Principal – the principal portion of the payment; • Balance – the loan balance, which is the amount of principal you are to repay.
