Admortization is the process of transferring property or land as security for a loan, with the understanding that the property will be returned to the borrower once the loan is repaid. This term is often used in historical or legal contexts to describe a form of mortgage or land tenure.
Amortization refers to the process of gradually paying off a debt or loan over a specified period of time through regular payments. It involves the allocation of payments towards both the principal amount borrowed and the interest accrued on the loan. The purpose of amortization is to ensure that the borrower repays the loan in full by the end of the agreed-upon term. This method is commonly used in mortgage loans, where the borrower makes fixed monthly payments that include both principal and interest portions. Amortization schedules are often provided to borrowers, outlining the breakdown of each payment and the remaining balance after each payment is made.
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This glossary post was last updated: 29th March 2024.
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