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.

Located on top of the hill on West St, close to downtown Nassau and just steps away from Graycliff and the National Art Gallery.

The buildings are currently being used as residences but can easily be converted into offices or Short Term rentals. The property is divided into two separate buildings. The first is a two storey building with a one bedroom apartment on the ground floor including a bathroom, living room, kitchen and family room.

A two bedroom apartment is located on the first floor and second floor each with two bedrooms and one bathroom, living-dining room and a kitchen. Access to the top floor is via an exterior staircase.

To the east of this building is a spacious two bedroom and one bath house with a living room, dining room and covered porch area.

This property has great potential and can easily be converted into an office complex or short term rental property.

Call for a viewing today !