Amortization is the schedule of your mortgage payments spread out over time. In real estate, a buyer’s amortization schedule is usually one monthly payment scheduled over a 15- or 30-year period of time.

Amortization is simply an accounting technique that is used to periodically lower the book value of a loan over a certain duration. Amortization schedules are used by lenders to present a loan repayment schedule, based on a specific maturity date.