Use this calculator to generate an amortization schedule for your current mortgage. Quickly see how much interest you will pay, and your principal balances. You can even determine the impact of any principal prepayments. Press the report button for a full amortization schedule, either by year or by month.
Definitions
- Mortgage amount
Original or expected balance for your mortgage. - Interest rate
Annual interest rate for this mortgage. - Amortization period
The number of years over which you will repay this loan. The most common mortgage amortization periods are 20 years and 30 years. - Mortgage payment
Your principal and interest payment (PI) per period. - Fortnightly payments
Fortnightly payments are a bi-weekly payment option where payments are calculated by taking your normal monthly payment and dividing it by two. Since you pay 26 fortnightly payments, by the end of each year you have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands in interest and take years off of your mortgage. - Total payments
Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal. - Total interest
Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
