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.

Are you looking for an Investment? Here's your chance to own a well-constructed income property in central Garden Hills.

These multi-family buildings were originally built in 2006, the current owners took over the property as an uncompleted shell approximately 8 years ago in 2016 and did a complete refurbishment of all apartments, including full electrical rewiring, full re-plumbing and a new roof on both buildings. The buildings are in very good condition and well-maintained.

There are two two-story detached multi-family residential buildings, each with 5 apartment units, 2 two-bedroom apartments, and 3 one-bedroom apartments, for a total of 10 apartment units. Together, 4 x 2 bedroom and 6 x 1 bedroom units produce a generous return on your investment.

Each ground floor encompasses 3,248 Square Feet and has 4 living rooms, dining rooms, bathrooms, kitchens, and 8 bedrooms. The second floor has 6 living and dining rooms, kitchens, bedrooms, and bathrooms.

The units are fully occupied and have had very high level of occupancy for past 3 years. Rents range from $800 - $850 for the 1 bedroom and $900 - $1,200 for the 2 bedroom units. Total income per month is approximately $8,850 and $106,200 per annum. All apartments are unfurnished and primary landlord expenses are electrical bill for supply water pump and external lighting. The tenants are responsible for their own electrical and water bills.

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