From YourAssociationWiki

Amortization may refer to one of the following:

1. As applied to a capitalized asset, the distribution of the initial cost by periodic charges to operations as in depreciation. Most properly applies to assets with indefinite life.
2. The reduction of a debt by either periodic or irregular payments.
3. A plan to pay off a financial obligation according to some prearranged program.
4. The time period used to depreciate and pay for an asset on the "books". Often referred to as "write off."^[1]

References

1. http://www.bastiansolutions.com/resources/glossary-of-terms/default.asp