What is the term for paying off a loan over time?

Amortization is the process of systematically paying down a loan balance over time through periodic payments that cover interest and principal, according to an amortization schedule.

Installment refers to a single periodic payment, not the full process.

Loan is the debt itself.

Mortgage is the security instrument (lien) that pledges property as collateral for the loan.

References (Maryland Pre-Licensing Core Content):

Maryland 60-Hour Course: “Real Estate Financing” (amortization schedules; principal vs. interest; fully vs. partially amortized loans).

Basic finance terminology as standardized across pre-licensing materials.