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.

Positioned in the gated Old Fort Bay community, 15 Bay Creek Drive captivates with its impressive island style, contemporary elegance and picturesque canal setting.

Along with five generously sized bedrooms and five and a half baths, the three-story main residence delivers every convenience and ample accommodations. Grand living areas on the ground floor include a modern kitchen, elegant dining and comfortable sitting areas, as well as an office/den which can easily double as a guest bedroom ensuite. Three bedrooms on the second-floor lead to a covered terrace extending across the home's width. A third-floor bedroom retreat leads to a recreational space outfitted with dormer windows providing an abundance of natural light. High volume ceilings throughout add to the opulence, grandeur and space, while glorious ocean views can be savored from the upper levels.

Outdoor, lush tropical landscaping encircles the nearly half acre property complemented by a sweeping south-facing veranda, swimming pool, lounge deck, one-bedroom guest house right on the canal and a private dock.