Mortgage Amortisation Calculator
Work out how a home loan balance reduces over time, showing the principal and interest split for each year of your mortgage term.
Your results
Balance at the end of each year
| Year | Remaining balance |
|---|---|
| Year 1 | $592,632 |
| Year 2 | $584,809 |
| Year 3 | $576,504 |
| Year 4 | $567,687 |
| Year 5 | $558,326 |
| Year 6 | $548,388 |
| Year 7 | $537,836 |
| Year 8 | $526,634 |
| Year 9 | $514,741 |
| Year 10 | $502,114 |
| Year 11 | $488,709 |
| Year 12 | $474,477 |
| Year 13 | $459,367 |
| Year 14 | $443,325 |
| Year 15 | $426,293 |
| Year 16 | $408,211 |
| Year 17 | $389,014 |
| Year 18 | $368,633 |
| Year 19 | $346,994 |
| Year 20 | $324,022 |
| Year 21 | $299,632 |
| Year 22 | $273,738 |
| Year 23 | $246,246 |
| Year 24 | $217,060 |
| Year 25 | $186,073 |
| Year 26 | $153,174 |
| Year 27 | $118,247 |
| Year 28 | $81,165 |
| Year 29 | $41,797 |
| Year 30 | $0 |
Calculation breakdown
- Monthly repayment
- P × r / (1 − (1+r)^−n), r = monthly rate, n = months
- Balance update
- New balance = old balance + interest − repayment
Worked example
A $600,000 loan at 6% over 30 years has a monthly repayment of about $3,597, with the balance falling to roughly $588,600 after the first year.
Assumptions
- Assumes a constant interest rate and consistent monthly repayments with no offset or redraw.
- Rounds balances to the nearest dollar in the table for readability.
How this calculator works
This calculator builds a year-by-year amortisation schedule for a standard reducing-balance home loan. It shows how much of each repayment goes to interest versus principal, and how the outstanding balance shrinks across the loan term.
Frequently asked questions
Why does more interest get paid early in the loan?
Interest is charged on the outstanding balance, which is highest at the start, so early repayments are weighted towards interest before shifting to principal.
Does this include offset or redraw accounts?
No, this is a standard principal and interest schedule without offset balances; use the redraw savings calculator to model an offset or redraw effect.
Can I use this for an interest-only period?
No, this assumes principal and interest repayments from day one; interest-only loans amortise differently once the interest-only period ends.
Results are estimates only and are not financial, tax, legal or credit advice.