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.

Lot 1, Block 26, Section B is a vacant, commercial lot within close walking distance to popular Rainbow Bay beach, situated on the corner of the Queen's Highway and a small lane leading to Wandering Shore Drive.

Rainbow Bay is known for its tranquil, turquoise waters, picture perfect sunsets, and spectacular sea to sea rainbows.

This large and friendly community is ideally situated almost equidistant from two main airports, and is close to ferry ports, restaurants, and shops. It's central position on the island and proximity to the main highway make it the perfect location for a commercial wholesale or retail business such as a store, shop or service that caters to the general public.

Property owners in Rainbow Bay also have access to a community tennis court, parks, boat ramps, and several secluded and rugged beaches on the Atlantic side.

Property Owners fees are $100 a year for vacant lots, and $300 a year for developed properties.

Call now for further information on this great lot, or to find out how you can set up a site visit. Invest in your future Eleuthera-based business now while lots are still available!