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 split-level single-family residence is located on lot #48 in the sought-after Yamacraw Beach Estates subdivision.

The main residence and guest cottage consists of 5 bedrooms and 4 bathrooms/2 ½ bathrooms, and 1 bedroom and 1 bathroom, respectively. The combined square footage is 3,824 and is located on an 8,509 square foot lot.

The property is located within close proximity to schools and shopping centers including a new Solomon's supermarket. The property benefits from a standby generator, newly installed solar system, new brick paver driveway, and new front porch.

The guest cottage is currently rented, and the tenant would be willing to execute a new lease upon the sale. The split-level portion of the house can also be rented out for extra supplemental income.