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.

Yellow Elder Cottage in the heart of Hope Town Settlement is a great opportunity to be a part of this historic and picturesque community.

The home is 2-bedrooms and 1-bathroom on the main floor with concrete block construction. The open and unfinished upper level can be converted into an additional bathroom and bedroom from which there are clear views of the world-famous candy-striped lighthouse.

The home has a brand-new metal roof. However, there is still work to be done to restore this 1,200-square-foot cottage to its former glory.

Beaches, restaurants, grocery stores, gift shops, and ferry docks are all just a minute's stroll outside of the cottages white picket fences.

Please contact us today to learn more about this unique opportunity.