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 11,000 square foot building is a practical and functional space that houses five stores. Two of these stores are located on Bay Street, and the remaining three are situated on Elizabeth Avenue. The building is currently configured with one store being used as a storage space, while the other two have been combined into a larger store.

The layout of the building is as follows:

The Eastern side of the building on Bay Street measures 1,450 square feet and includes a stock room at the back that is 32 feet wide. The Western side spans 1,270 square feet and is 35 feet wide.

On Elizabeth Avenue, the building features three shops, three offices, and an apartment on the top floor with three dormer windows. The spacious upstairs area is just under 4,000 square feet and includes a reception area and two bathrooms, making it ideal for a club, function area, or sound stage. The front room also offers partial sea views in the distance.