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.

What an opportunity! This property is a 3 for 1, featuring a 1,500 square foot 3Bed/2Bath main house, a 600+ square foot 2Bed/1.5Bath cottage, plus a 1Bed/1Bath apartment.
Located just one lot away from one of the most pristine beaches on Elbow Cay and just short walking distance to grocery shopping and beachside bar and dining, On the Wine Side is perfectly situated to be your new home with an income producing cottage and apartment, or your home away from home with lots of room for family and friends.
This home was built as a private home by one of Elbow Cays premier builders and is solar powered almost entirely, except for air conditioners, which remain grid tied. This property is just minutes away from the historic Settlement of Hope Town by golf cart and its world-famous candy-striped lighthouse. Contact us today for more information or to book a showing.