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 lovely home, built in 1981, is in excellent condition and ready to be yours. The home has been lovingly maintained over the years but could use some modernization. Two large bedrooms and 2 bathrooms are overlooking the beautiful mature gardens. The garden has been well maintained and is full of baring fruit trees . The single car garage is large enough for your car and still gives you adequate storage space. This home is ideal for a young couple starting out or a retiring couple looking for a vacation home. This West Bahamia neighbourhood is very private and well maintained as well as being well above sea level having never flooded. Call Catherine to arrange a viewing