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.

Hill top, ocean view, 3,000 sq ft, 4 bed, 3 bath newly upgraded home on popular Wandering Shore Drive in Rainbow Bay. Sold furnished with 2007 Tahoe vehicle included if wanted.

This spacious, generously apportioned home is situated on the tranquil, Bight or Sound side of Eleuthera, where magnificent ocean views, spectacular sunsets, and refreshing breezes abound.

The property is well suited for a home away from home, an idyllic spot for retirement, or an income producing Airbnb investment. There is room for expansion, as well as plenty of potential for further customized renovations.

The windows have been replaced, and a water pump, and 4 new split air-conditioning units have been installed recently. The roof was re-tiled with new architectural shingles in 2018 and painted and sealed in 2022. The house was also painted in 2022. All the costly renovations and hard work have already been completed.

Other noteworthy features include a 10,000 gallon rainwater cistern, septic tank, concrete driveway, large garden with a patio, additional space for a small pool, and close proximity to fabulous beaches, the Rainbow Bay community parks, tennis court, and boat ramps.

Rainbow Bay is a centrally located ocean front community situated in a very scenic part of Eleuthera with dramatic cliffs, rolling green hills, fertile soil, and access to Rainbow Bay Beach on the Sound side to the south, and Hidden Beach, Twin Beach, Smugglers Beach, and several Come and Go beaches, on the rugged Atlantic north side.

Governor's Harbour airport is 15 minutes away and North Eleuthera International Airport, and ferries to nearby Harbour Island, Spanish Wells are only a 35 minute drive away. There is a good selection of shops and restaurants within easy access, including the Rainbow Bay Inn which offers family style dining and a wood fire pizza oven with stunning, sunset views over the ocean.

Make this home yours today and discover island living at its best. Call now for additional details.