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.

A spacious four bedroom four and a half bathroom home with an additional one bedroom cottage is located in the gated community of Islands at Old Fort.

This canal front property is located on Beach Island and is on 0.337 acres, or 14,701 square feet and approximately 4,700 square feet of living space.

There is marvelous space for outdoor entertaining with a large covered patio overlooking the pool and canal. An oversized dock with a Tiki hut makes the perfect place for sunset cocktails.

The main house has an open plan L-shaped reception space with living and dining areas along with spacious kitchen that have French doors open onto the veranda and pool area.

The one bedroom, one and a half bathroom guest cottage also has a full kitchen, living and dining area.

A large 2 car garage with direct entry to the house along with full back up generator are added bonuses.

Islands at Old Fort is a charming gated development near Lyford Cay on the western end of New Providence. Close by is the well-known club of Old Fort with its pristine white beach and crystal blue sea. The club also has dining and entertaining facilities, tennis, swimming pool, gym and spa.

Also close to the Islands at Old Fort are two excellent schools as well as several shopping plazas complete with bank, gas station, supermarket, restaurants and shops.