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Is the amortization schedule the same with all lenders (It is a 30 yr fixed loan that is in question

)?
  • June 04 2009 - US
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Answers (5)

All amortization is based on the same math. The actual amortization of your loan, if you ever have one, will depend on, exactly, which day of the month, your payment is paid on. The actual amortization will rarely match the scheduled amortization. The schedules may not even be exactly the same for the same loan amount, at the same rate, for the same term. The amortization schedule is a projection of how the loan is intended to be paid back. It is a meaningless document when shopping for a mortgage.
  • June 05 2009
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If that's the case they have an interest only loan and not an amortized loan.
  • June 05 2009
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Profile picture for KT1234
Thank you for the answers. 
But does it mean that the proportions of interest and principle of the monthly mortgage is structured the same way no matter which lender I will use, or maybe differently?  Some people said that they have paid mortgages for years but the principle is still the same. 
  • June 05 2009
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Yes.  the documents may appear different.
  • June 05 2009
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The only thing that is guaranteed to be the same is they will all pay off in 30 years.
  • June 04 2009
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