A ______________ is characterized by a series of constant or level (annuity) payments over the life of the loan. A portion of each payment goes toward paying down the loan balance, while the other portion represents a payment of interest at the contract rate on the outstanding loan balance.

If you make every payment as specified in your term loan's original schedule, you will have fully amortized the debt by the time the term is over.The amount of principal and interest paid each month over the duration of your loan term is simply referred to as amortization.

The characteristic of fully amortization loan are-

A sort of periodic debt payments known as a fully amortizing payment. The debt is entirely repaid at the end of the loan's predetermined period if the borrower makes payments in accordance with the amortization plan.
If the loan has a set interest rate, every completely amortizing payment is the same amount of money.

Each fully amortizing payment is the same amount of money if the loan has a fixed rate.
On the other hand, a partially amortizing loan is another payment schedule based on amortization, but only some of the payment is amortized.

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