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.

Comfortable and spacious 2 bedroom 2 bath unit on the ground floor features large picture windows that provide ample natural lighting and lovely garden and pool views. Situated in the well maintained and reputable Kings Bay Condominium complex, the unit features tiled floors, open kitchen, 2 bedrooms and 2 bathrooms.

Sold fully furnished, the unit is ideal for permanent living, vacation home, or as an income producing rental property.

Kings Bay Condominiums is situated on the beautiful Bahamia marina canal system on the southern shore of Grand Bahama. Dockage is not included but space is available for owners to construct their own dock. The gated grounds are well maintained and feature lush gardens and several swimming pools.

Located just a few minutes drive to shopping, hotels, restaurants and the International Airport. Kings Bay also enjoys close proximity to Xanadu Beach.

Call for details or to arrange a viewing today!