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.

Set on Current Ridge with over an acre of land with 200 ft of water frontage this two bedroom home with a loft offers both a quiet retreat opportunity and a vacation rental opportunity. Boasting 20 ft of elevation and panoramic views over the turquoise waters south of the village of current this home is ready for a new owner's touches.

The home has been recently upgraded with new roof shingles and impact resistant windows and doors while still some upgrade projects are still ongoing. The design is open plan with kitchen and living room with the two bedrooms on either side.
Above is a loft which could be upgraded into a third bedroom but has endless possibilities.

The house is located in the centre of the property leaving ample room for cottages that could be built on either side of the home further enhancing the vacation rental opportunity of the property.

Showings by appointment.