The payment schedule of financial instruments defines the dates at which payments are made by one party to another on for example a bond or derivative. It can be either customized or parameterized.
An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term. Each periodic payment is the same amount in total for each period.
Amortization is paying down debt over a period of time through scheduled payments. When someone pays off a home loan, he engages in mortgage amortization. This payment process is key when trying to understand how much you can afford to pay monthly for a mortgage. Not paying enough means that you’ll end up paying more interest and more money as time passes.