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 oceanfront plot in the Rainbow Bay community on the stunning island of Eleuthera is a prime piece of real estate. Lot #1, Block #21A, Section B, of the Rainbow Bay Subdivision, spans 10,000 square feet and offers a unique opportunity to build your dream single-family home in a serene and picturesque environment. This square-shaped parcel sits 35 feet above sea level, providing breathtaking views of the Atlantic Ocean.

Nestled across from Hidden Beach and located near to James Cistern, this plot offers easy access to fabulous sunrise views and multiple beaches. Rainbow Bay is known for its family-oriented and quiet atmosphere, making it the perfect location for those seeking a tranquil lifestyle. The community boasts paved roads, making access easy and convenient, and is ideal for jogging or leisurely walks.

Utilities are readily available, with city water and street parking provided. While the property requires a septic system for sewer needs, the availability of paved road access ensures convenience. Pets are welcome, making this an ideal location for pet lovers.

Rainbow Bay offers a range of nearby recreational amenities, including tennis courts, park sites, and beaches. The Rainbow Inn, a popular gathering spot, provides delicious food and a vibrant social scene. Additionally, residents can enjoy beachside restaurants with live music in nearby James Cistern, adding to the area's charm.

This oceanfront plot offers more than just a place to build a home; it provides a lifestyle. The family-oriented, quiet neighborhood is perfect for creating lasting memories. Don't miss this chance to secure your piece of paradise in one of Eleuthera's most desirable locations.