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.

Long Bay Creek Cottage with a dock is a rare opportunity to own a protected waterfront property on Black Sound. Ideal location with easy access to the the Town of New Plymouth. The cottage is situated on a 16,144 sq ft lot or 0.3706 acre with 98' of direct waterfront property. The property is tucked away in a private creek setting in the mangroves, for added protection from weather and privacy. The cottage is rustic but well-equipped with all the amenities of island living. The cottage is 650 sq ft, 1 bed, 1 bath. An adjoining 147 sq ft deck overlooking the creek and the dock. A second building offers 144 sq ft of additional space to finish off a second bedroom with a half bath. The property has a tool shed and a storage shed for extra space or can be converted to additional habitable space. Finally, a two golf cart carport. Both city water and a 1600-gal rainwater storage are on the property. The dock was originally 127' inclusive of the T on the end of the dock with a 14,000-lb boat lift. The dock is in need of being replaced since Hurricane Dorian. The creek allows for shallow draft center consoles up to 35+ feet on any tide. This is AN affordable waterfront property with endless potential.