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 solidly built off-the-grid home, with an open plan Sky Room and separate 164 sq ft outhouse, is conveniently located within close proximity to world-famous Surfer's Beach, Surfer's Haven, Surfer's Manor, and Gregory Town (home of the Eleuthera pineapple).

A great opportunity exists to purchase a finished exterior structure and to complete the interior finishes to your own specifications for a private dwelling or an income-producing property.

The view includes a view of the surf at Surfer's Beach. The view from the upstairs Sky Room peers into the outside corner of the actual Surfer's Beach break, enabling one to check the surf without leaving the house. The house has that expansive 'Skyline Drive' ocean view with a direct view of the break, as well as tranquil garden views that showcase nature, and the natural rock formations and tropical landscaping, typically found in this part of Eleuthera.

The lot has a town water-fed, 1600-gallon plastic cistern, which gravity feeds the outhouse for toilet, sink and shower. The cistern is surrounded by a circular rock wall both for protection and as an aesthetic feature.

Originally built in 2012 and designed to fully function without electricity, the open-plan front deck is oriented to channel the prevailing breeze through the house for effective natural cooling. It is currently setup for off grid solar, but there is a designated tie in point on a BEC transformer immediately across Skyline Drive from the lot. House is fully insulated.

The concrete walkways connecting the lot's structures as well as the decks around them, have palm leaf stamping designs.

Nature enthusiasts will love the mature trees and tropical vegetation interspersed throughout the grounds.

There is a small hardware store's worth of fasteners and hardware stored on site, including fixtures for the outhouse, a small solar setup for the outhouse and backyard BBQ area, tools, and really just about everything needed to live onsite.

The property is a 30-minute drive from North Eleuthera Airport and also affords easy access to ferry terminals with frequent ferries to and from New Providence, Harbour Island, and Spanish Wells. Nearby attractions include Gregory Town, Daddy Joe's, The Cove, Glass Window Bridge, Queen's Baths, the Cliffs at Whale Point, and Gaulding Cay Beach.

Call now for further details on this idyllic off-grid property and make a private viewing appointment with an experienced Eleuthera based Estate Agent.