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.

Located in the east in a wonderful established family neighborhood. This three bedroom and two and a half bath home is perfect for a young family and is located near to the top schools, supermarkets and shopping.

The open plan modern kitchen with its granite top counters and cherry wood cabinets is located just off the family room and includes a breakfast counter with stools. The formal living room and dining room is just off from the family and kitchen area.

A corridor leads to the master bedroom with ensuite bath and two bedrooms which share a bathroom.

The back yard with its mature fruit trees is ideal for outdoor cooking and entertaining.

This well designed home also includes a double garage which is also ideal for extra storage.

Make your appointment to view this property.