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 spacious and solidly built, 3 bed/2.5 bath, hill-top home sits proudly on a 140' hill-top ridge on Honey Creeper Road, in the popular community of Rainbow Bay.

Built in 2011, and well suited for use as an income generating property, a forever home, or a vacation home, this property is lavishly equipped with all modern conveniences including a study, pantry, utility room, landscaped garden, and under the house storage space.

There are breath-taking ocean views from the master bedroom, living room, kitchen, and dining area!

Rainbow Bay is centrally and conveniently located close to two main airports. There is also a ferry dock at nearby Hatchet Bay settlement. Beaches, jogging paths, a gas station, local clinic, restaurants, food stores, and a farm stand with local produce are all located just minutes away.

Community amenities include The Rainbow Bay Inn and Restaurant, Rainbow Bay Beach, boat ramp, tennis court, and picnic grounds.

Spectacular sunsets across the Bahama Sound, often called the calm "Caribbean side", can be savoured from the perfectly appointed, ocean-facing, covered patio, also well-suited for star gazing, bird watching, outdoor dining, and relaxing island-style.

Call now to arrange a private viewing with an experienced, Eleuthera based Real Estate Professional.