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 exceptional 6th floor penthouse offers incredible views over Montagu Bay and The Ocean Club Golf course with sweeping verandahs on both sides of the unit. The living space includes 7,224 sq. ft. of beautifully finished open floor plan which features a living, dining, and kitchen area. Amongst the 4 beds and 4.5 baths is an all-encompassing master suite with a large private office and his and hers bathrooms. Other features include marble counter-tops in the bathrooms, hardwood flooring in the bedrooms and office, tray ceilings, recessed lighting, walk-in closets and a custom bar.

Ocean Club Residences amenities include on-site concierge, a gym and fitness room, two swimming pools, a private marina, underground parking, and air-conditioned storage. Owners will also enjoy the Ocean Club Estates Beach Club located on beautiful Cabbage Beach including two tennis courts, the golf course clubhouse, and membership access to the Atlantis resort.