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.

Nestled in the heart of Nassau on Deveaux Street, this property, boasting 1250 square feet of living space and situated on a spacious 3500-square-foot lot (lot number 218), presents an exciting newly built opportunity, and it's being sold furnished. With 3 bedrooms and 1.5 bathrooms, this home offers comfort and simplicity. The classic charm, coupled with a backyard that holds great potential, makes it a cozy home.

Conveniently located with access to local amenities, schools, and parks, don't miss the chance to transform this Nassau property, lot number 218, house number 23 on Deveaux Street, into your dream home or an income rental opportunity. The added bonus of it being sold furnished simplifies the process of settling into your new space seamlessly. Contact us today to schedule a viewing!