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 charming two-storey home is situated on the prestigious Winton Highway. There are breathtaking sea views from every room on the upper level.

The main house consists of three bedrooms and two baths. The master bedroom includes an en-suite bath with a whirlpool tub and large walk-in closet. There is a large kitchen with stainless appliances, dining room, office/study with wood burning fireplace, and an open living room extending onto a large wooden deck with spectacular ocean views.

Additionally there is a separate apartment consisting of one bed and one bath, with its own entrance. The lower level opens up to an expansive deck with a beautiful swimming pool.

The home includes an automatic 15kw generator, rainwater tank and hurricane shutters.