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If these fees are insignificant they can be expensed at the time incurred. On larger loans these fees can be materially significant. In these cases, the origination fees associated with the loan can be capitalized and amortized over the life of the loan.
While the amount of each monthly payment is identical, the interest component of each payment will be decreasing and the principal component of each payment will be increasing during the life of the loan. To illustrate, let's assume a lender proposes to amortize a $60,000 loan at 4% annual interest over a 3-year period. This will require 36 monthly payments of $1,771.44 each. The first payment will consist of an interest payment of $200.00 ($60,000 X 4% X 1/12) plus a principal payment of $1,571.44 ($1,771.44 - $200.00).