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.

A unique waterfront opportunity on Elbow Cay's south end has 3.2 acres with 50-foot elevations and 100 feet on Sea of Abaco with a private dock. The private dock has a total overall length of over 180 feet with electric infrastructure in place to the shore, and the elevations provide gorgeous views of the Sea of Abaco and the Atlantic. Located just 1,000 feet from Seaspray Marina and between the highly sought-after communities of Aunt Pats Bay and Marnie's Creek, a better location is hard to beat for a small development or private estate. This property has also already been approved for subdivision into 9 separate lots should the purchaser wish to take advantage of that. Contact us today for more information or to schedule a showing.