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Amortization refers to the process of gradually paying off a loan through regular, fixed payments over a set period of time. Each payment you make is split between two components: principal (the amount you borrowed) and interest (the cost of borrowing). In the early years of your mortgage, the majority of your payments go toward paying off interest, while the principal portion of your payment remains relatively small. Over time, however, as the loan balance decreases, a greater portion of your monthly payment is applied to the principal.
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