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 commercial property overlooks the sparkling emerald and blue waters of the Atlantic Ocean and is virtually move in ready - it could be an executive retreat or a private vacation venue for families. Ideally situated in Lighthouse Point, Clarence Town, the capital of Long Island, the building comprises 20,473 sq. ft. on an elevated site with 364 linear feet of water frontage, approximately one third being sandy beach.

The two storey well maintained building with an asphalt shingle roof comprises 3,200 sq. ft. with 1,500 sq. ft. of porches, 750 sq. ft. of which is covered. There is also a large attic space (unfinished) which is approximately 1,200 sq. ft. and could be converted into another apartment to be accessed via an added external staircase. A 120 sq. ft. utility room is located under the existing staircase.
There are eight efficiency apartments, four on the ground floor, four on the upper floor. Doors are French style or solid panel. Ventilation is by wall air condition units and ceiling fans. All windows and doors are impact resistant.
Each apartment has an open bedroom/living area, a kitchenette with a microwave and an external exhaust, a two burner stove and an under the counter refrigerator. Kitchen cabinets and countertops are wooden finished with laminate. The bathrooms have custom vanities with granite countertops and double basins.

Electricity and telephone services are available. The property is connected to city water and has a 1,700 gallon rain water cistern. Sewerage disposal is by a septic tank.

Considered by many as 'the most scenic island in the Bahamas', Clarence Town is known for two 'imposing and impressive' skyline churches designed by architect and priest Father Jerome and built in the early 1900's which have withstood the force of many storms.

Located within walking distance to the Flying Fish Marina which features a five star restaurant and caters to large sport fishing boats, the community is serviced by scheduled and charter airline flights and offers visitors resident flamingos, a large variety of fish and sharks and turtles who are seen on a regular basis swimming in the cove. Dean's Blue Hole which is the world's deepest salt water blue hole, is one of two blue holes nearby and is about a fifteen minute drive from Clarence Town.

This is virtually a turn key property waiting for its new owner.