Which of the following is true when the mortgage loan is an amortizing loan?

1. At the beginning of the term of the loan the largest part of the payment is a paydown of principal, but a payments progress a rising portion is applied to interest payments.

2. Interest payments and paydown of principal remain constant during the loan.

3. At the beginning of the term of the loan the largest part of the payment is interest, but a payments progress a rising portion is applied to the paydown of principal.

4. Paydown of principal occurs at the end of the loan.

5. None of the above.