Quick answer
- A repayment schedule shows how every payment is divided between interest and capital.
- With a standard repayment mortgage, early payments contain more interest because the outstanding balance is larger.
- The payment can stay similar while the capital-and-interest split changes each month.
- A schedule is an estimate unless it comes from your lender and reflects the actual rate, dates, fees and payment history.
On this page
What a mortgage repayment schedule shows
A mortgage repayment schedule, also called an amortisation schedule, is a table showing how the loan may reduce over time. Each row normally includes the payment date or number, scheduled payment, interest charged, capital repaid and closing balance.
The key point is that a level monthly payment does not mean the same amount of capital is cleared every month. Interest is calculated on the balance still outstanding. Early in the term that balance is high, so interest takes a larger share. As the balance falls, more of the payment goes towards capital.
Worked amortisation example
This illustration uses a €300,000 repayment mortgage, 4.00% annual interest and a 30-year term. The calculated monthly capital-and-interest payment is about €1,432. Figures are rounded and exclude insurance, fees and any rate change.
| Point in schedule | Interest in that payment | Capital in that payment | Balance after payment |
|---|---|---|---|
| Month 1 | €1,000 | €432 | €299,568 |
| Month 12 | €984 | €448 | €294,717 |
| Year 5 | €906 | €526 | €271,343 |
| Year 10 | €790 | €642 | €236,352 |
| Year 20 | €475 | €958 | €141,463 |
| Final payment | About €5 | About €1,427 | €0 |
Open the Mortgage Calculator to generate figures for your own balance, rate and term.
How to read each column
- Opening balance: the amount owed before that payment.
- Payment: the scheduled capital-and-interest amount. Insurance and account charges may sit outside it.
- Interest: the borrowing cost allocated to that period.
- Capital or principal: the part that actually reduces the debt.
- Closing balance: opening balance minus capital repaid, after any other adjustments.
Check whether a table is monthly or yearly. A yearly schedule usually combines twelve payments, so it is useful for the big picture but will not match an individual monthly statement line by line.
Why your lender schedule may differ
A calculator generally assumes one rate, regular monthly payments and no missed or extra payments. A lender schedule can differ because of the exact drawdown date, daily-interest method, payment timing, rate changes, rounding, fees, payment breaks or overpayments.
For a fixed-rate mortgage, the schedule is only certain for the fixed period unless the rate is fixed for the full term. When a new rate applies, the lender recalculates the remaining payments using the balance and term left.
What overpayments change
An allowed overpayment reduces the balance earlier. That can lower later interest because interest is then charged on a smaller balance. Depending on lender instructions, the overpayment may shorten the term, reduce future payments or do a mixture of both.
Do not assume weekly payments automatically create a saving. The benefit depends on whether you pay more over the year or the lender applies money earlier. Ask how the lender credits weekly, fortnightly and extra payments, especially during a fixed-rate period.
Schedule checks before making a decision
- Use the outstanding mortgage balance, not the original property price.
- Use the rate that will actually apply for the period being modelled.
- Keep the remaining term consistent when comparing offers.
- Separate capital-and-interest payments from mortgage protection, home insurance and fees.
- For an overpayment scenario, confirm the lender limit and any early repayment charge first.
- Treat a downloadable calculator table as planning information and the lender redemption statement as the authoritative payoff figure.
Frequently asked questions
Is a mortgage repayment schedule the same as an amortisation schedule?
Yes. Both terms usually describe a table that breaks payments into interest and capital and tracks the remaining loan balance.
Why does my mortgage balance fall slowly at first?
The starting balance is at its highest, so more of each early payment goes to interest. The capital share grows as the balance reduces.
Does a repayment schedule include mortgage protection?
Usually not. A standard schedule covers loan capital and interest; mortgage protection, home insurance and fees should be budgeted separately.
Will my schedule change when a fixed rate ends?
Usually yes. The lender recalculates payments using the remaining balance, remaining term and the new rate.
Can I request a schedule from my lender?
Ask your lender for an up-to-date statement or repayment illustration. For an exact early payoff amount, request a redemption figure.
Are weekly mortgage payments cheaper than monthly payments?
Not automatically. A saving arises only if more money is paid or the lender credits payments earlier in a way that reduces interest.
Sources & references
Related calculators
Use these tools for the numbers behind this guide.