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 beautiful beachfront property has a 1,470 sq.ft. 2 bedroom, 2 bathroom cottage as well as a 4,200 sq. ft. garage for keeping 2 boats and a car as well as 3 bedrooms, 3 bathrooms and a kitchen. The buildings are well built and maintained with metal roofs. The house is 20 years old and the garage and apartment is 7 years old.

The property comes with stainless appliances as well as washer and dryer in both the cottage and the garage.

Hawks Nest has a private airport and marina and there is a boutique hotel there as well with a restaurant.

Perfect for island living, this is being sold turn-key and ready to move in.