Definition: The mortgage amortization schedule shows how much money a borrower owes each month on their mortgage loan over time. It also includes information about the principal amount, total interest paid, the payment schedule for each period, and the total monthly payments required to fully pay off your loan. The monthly mortgage payment is calculated by multiplying your loan balance times 30 periods in a year (12 months). So for an example of a hypothetical mortgage with a principal balance of $400,000, with a monthly interest rate of 5%, and a term of 30 years (the number of monthly payments), the monthly payment would be $186.67.
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