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Simple English definitions for legal terms

amortization schedule

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A quick definition of amortization schedule:

Amortization schedule: A plan that shows how much money you need to pay back each month for a loan. It includes both the amount of money you borrowed (called the principal) and the interest you owe. The schedule also shows how much of the loan you still owe after each payment is made.

A more thorough explanation:

An amortization schedule is a table that shows the periodic payments of interest and principal that are owed on a debt obligation. It is a loan schedule that displays the amount of principal and interest due at regular intervals over the loan term, as well as the remaining unpaid principal balance after each scheduled payment is made.

Let's say you take out a $10,000 loan with a 5% interest rate and a 5-year term. Your amortization schedule might look something like this:

Payment NumberPayment AmountInterest PaidPrincipal PaidRemaining Balance
1$188.71$41.67$147.04$8,852.96
2$188.71$36.89$151.82$8,701.14
3$188.71$32.01$156.70$8,544.44
4$188.71$27.02$161.69$8,382.75
5$188.71$21.91$166.80$8,215.95

In this example, you would make five payments of $188.71 each. The first payment would consist of $41.67 in interest and $147.04 in principal. After that payment is made, you would have a remaining balance of $8,852.96. The second payment would consist of $36.89 in interest and $151.82 in principal, and so on.

The amortization schedule helps you understand how much of each payment goes towards interest and how much goes towards paying down the principal. It also shows you how much you still owe on the loan after each payment is made.

amortization reserve | amortize

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it was hard to not improve it. google search was terrible due to the ads and seo cheaters with buzz words and alt text
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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
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Miami A, yall I'm so excited I could cry.
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[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
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22:32
@Aromatic, Have to guess.
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That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
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