An amortization schedule is a form that shows you the principle and interest payment break down over the term of the mortgage. It is one of the most important forms in the mortgage process because it reflects the total amount of interest you will pay over the life of the loan. Most amortization schedules have a place to input additional principle payments. This is a very useful tool to show you how much interest you will save by making additional principle payments. The amortization schedule will also show you how many years the mortgage term will be reduced by the additional principle payments. An amortization schedule is most helpful when deciding on the mortgage structure. This form will help you determine the mortgage structure that fits your needs.