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Paying off a loan consists of a portion which will be applied to pay the accruing interest on a loan, with the remainder being applied to the principal. Amortization is process in which the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is amortized (i.e. paid off) in the specified time. An amortization schedule is one that shows how much of each payment will be applied toward principal and how much toward interest over the life of the loan. It also shows the gradual decrease of the overall balance from the day you close until it reaches $0
