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.

Dover Sound is a developing canalfront community on the North Shore of Grand Bahama Island. Young and regrowing mangrove to the north of the subdivision adds plenty of bird sanctuaries and fish and turtle nurseries to gently explore. The area is a mangrove restoration area. The area has experienced storm surges, so one must build accordingly. This lot is less than 1 mile to the ocean entrance by boat and less than an 8-mile drive to the Grand Bahama Airport. It is a super location. All of the homes built out there are built to withstand the weather. Consider building on stilts. The lot measures 125' deep by 90' along the solid seawall. The canal's depth measures 12-15' of constantly moving water, a great spot for boaters! Give us a call today for directions.