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.

Conchrest is an 8-storey building located in the heart of Cable Beach and recently underwent a $1,200,000 renovation. This northern facing 2 bedroom / 2 bathroom condo consists of approximately 1,300 square feet with breathtaking views over the beautiful turquoise water. This unit also benefits from a newly renovated kitchen, bathrooms, impact resistant windows throughout and is being offer semi-furnished. Conchrest has a full back-up generator, two elevators, security gate, assigned parking, and an on-site property manager.