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Amortization Schedule

See how each monthly payment splits between interest and principal across the life of your loan.

Short answer

In the early years, most of your payment is interest. As the balance shrinks, more of each payment goes to principal. Total interest paid over the life of the loan can rival the original capital.

Loan

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Calculation method, coverage and version

Inputs used
Loan amount, Interest rate (annual), Term (years).
Calculation approach
The calculator applies the rules and assumptions described in “How it works” to the values you enter. Rounding can cause small differences from an official or provider calculation.
Coverage
Mortgages & Money. UK nations, tax treatment, local rules and provider criteria can differ; check the official sources shown below before acting.
Content version
No page-specific review date is currently published. Treat the result as indicative and verify current rules independently.
Not included unless explicitly requested: personal circumstances not entered, provider discretion, future rule changes, professional fees and case-specific exceptions. Read the full calculator methodology.

Primary sources and official verification

Use these official sources to verify current rules before acting. Coverage and dates can differ across England, Scotland, Wales and Northern Ireland.

See the sitewide source policy.

How it works

Monthly payment M = P × r / (1 − (1+r)⁻ⁿ), where r is the monthly rate and n the months. Each month's interest = current balance × r; principal = M − interest.

Worked example

£200k at 4.5% over 25y = £1,111/mo. Total paid £333,460 (£133,460 interest).

Who should use this

  • •First-time buyers
  • •Anyone comparing mortgage terms
  • •Loan refinancing decisions

Common mistakes

  • ×Assuming a level interest split — early years are heavily interest-loaded
  • ×Forgetting arrangement and broker fees

Frequently asked questions

Why is so much interest paid in the first years?▾

Interest is charged on the outstanding balance — it's biggest when the loan is biggest.

Related calculators

Mortgage Repayment →Mortgage Affordability →Compound Interest →