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 parcel of land of almost 1 1/2 acres would be an excellent investment for either residential or better yet, commercial property with Bahamians and foreigners alike are rapidly buying up property in Eleuthera.

Located just south of the Palmetto Point crossroads on the Queens Highway, not far from Governors Harbour, this area has seen tremendous activity over recent years with condominiums, shops and offices springing up on both sides of the road.

The nearest cachement is the island capital Governor's Harbour, but will also appeal to residents of Tarpum Bay and Rock South to the south.

With 121 feet on the roadside, this is a good sized lot for development.

The adjacent lot is also available creating 242 feet on the roadside and a total of 2.534 acres.