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.

Summit Point is located six miles north of Marsh Harbour and 12 miles south of Treasure Cay.

This one-of-a-kind 277-acre tract is situated on one of the highest points in Abaco with elevations reaching 120 feet. It also occupies one of the narrowest points of the island, with spectacular 360-degree views.

The property's extensive beach frontage includes 4,000 feet on the Sea of Abaco, plus 2,000 feet of shoreline on Bustick Bight Bay. Summit Point has been master-planned as a mixed-use residential and commercial development, including a boutique hotel and marina.

The depth of water along the coastline and large amount of yachting traffic that frequents the area provides viable potential for a marina component and a cost analysis has been performed.

Utilities (cable, electricity and water) are available at the property along the Great Abaco Highway, which runs through to the property.

Summit Point is strategically located between the two major hubs of Abaco and as they grow. This location is sure to increase in value with the opportunity to serve both markets.