Loan Amortization Calculator

An amortization schedule reveals the specific dollar amount put towards interest, as well as the specific put towards the Principal balance, with each payment. Initially, a large portion of each payment is devoted to interest. As the loan matures, larger portions go towards paying down the principal. The first payment is assumed to take place one full payment period [one month] after the loan was taken out, not on the first day of the loan. The last payment completely pays off the remainder of the loan, often the last payment will be a slightly different amount than all earlier payments. In addition to breaking down each payment into interest and principal portions, the amortization schedule also reveals interest-paid-to-date, principal-paid-to-date, and the remaining principal balance on each payment date.

There are a few crucial points worth noting when obtaining a mortgage for a home with an amortized loan. First, there is substantial allocation of the monthly payments toward the interest, especially during the first years of the mortgage. You will notice that the first payment allocates about 90% of the total payment towards interest and only about 10% toward the principal balance. Not until much later payments into the loan does the payment allocation towards principal and interest even out and subsequently tip the majority of the monthly payment toward Principal balance pay down.

This well built Bahamian home is centrally located in the Shirlea subdivision just off Shirley Street. The zoning for this property is commercial although the whole area is mainly residential making this property a very good investment.

This property consist of 3 separate units. The main house has 2 bedrooms and 2 bathrooms with a spacious open kitchen and family room. There is a living and dining area as well totaling approximately 1,300 sq. ft. in floor space. A covered back yard area can ideally be used as a work shop. Also included is a large rain water tank.

There is a 1 bedroom, 1 bathroom unit next door to the main house with a full kitchen which can be rented for additional income.

Above the 1 bedroom apartment and garage there is a 2 bedroom, 1 bathroom unit as well a balcony overlooking the front and back yard.

This cozy upstairs apartment has an open kitchen and living/dining area, which can generate additional income as well.