Amortisation Calculator
Enter your loan details to see your repayment schedule.
FAQS
Frequently Asked Questions
What is an amortisation schedule?
An amortisation schedule is a complete table showing every monthly payment over the life of your loan. For each month it shows the total payment, how much goes to interest, how much reduces the capital (principal), and the remaining balance. It reveals exactly how your debt decreases over time.
How does capital reduction work on a South African bond?
Each monthly payment covers interest first (calculated on the outstanding balance), with the remainder reducing your capital. Early in the loan, most of your payment is interest. As the capital reduces, interest decreases and more of each payment goes to capital, which is why extra payments early in the term have such a large impact.
Why do I pay more interest at the start of my bond?
Interest is calculated monthly on your outstanding balance. At the start of a 20-year bond, your balance is at its highest, so the interest portion of your monthly payment is largest. Over time, as your balance decreases, less interest is charged and more of your payment reduces capital.
Can I get an amortisation schedule from my bank?
Yes, most banks will provide an amortisation schedule on request. However, this only reflects the original loan terms. If interest rates change (as they do with variable-rate bonds in South Africa), your schedule will differ from the original. Use this calculator to model any scenario with a fixed or variable rate.