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Amortization is the is the schedule which determines your monthly payment on a loan. In an amortized loan, you will make regular payments based on a schedule that was created when you are approved for the loan. Your amortization schedule will detail how much of each month’s payment will be allocated to the principle, and how much will be paid toward the interest. It’s important to understand if there are any penalties for paying a mortgage off early. If there are no penalties, paying ahead of schedule can save you money.