Amortization schedule means a table or record that gives into detail the periodic payment that has to be done in each loan made usually a mortgage. Amortization schedule is generated by using an amortization calculator. A part of every payment is applied for the principal balance and the interest of the loan. The exact amount that is applied to the principal value varies every time. The amortization schedule shows the specific amount that is placed towards the interest and also the specific amount put in the principal balance with each payment done. A large part of the payment is allotted to interest.