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 oversized 12,000 sq ft, 80 x 150' Single Family lot is situated in popular Rainbow Bay in North Eleuthera, on Sea to Sea Drive. It is a hillside lot, with views of the Atlantic Ocean.

This is great spot for a retirement home, home away from home, or an income producing property.

The lot is centrally located with close proximity to shops, amenities and beaches, as well as easy access to two airports and to the ferry terminals with boats that sail to New Providence, Spanish Wells and Harbour Island.

Rainbow Bay Beach, Smuggler's Beach, Driftwood Beach and Hidden Beach are within walking distance from the lot.

Other amenities include tennis court, community building, boat ramps, and community park areas.

HOA fees in Rainbow Bay are $250 a year for built out homes, and $75 a year for vacant residential lots.

Make an appointment to view this lovely lot while it is still available.