When a mortgaged loan loan has been completely repaid by maturity date, the loan is said to be fully amortized. For example, you buy a house for $100. The interest on this house is 10% and the mortgage term is 1 year, your mortgage will be repaid in Nov 2018 by paying $9 every month, with a total interest of $5. You repaid the mortgage with interest. Then it is said to be fully amortized.