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.

Located in Tropical Gardens, this spacious 3 bedroom, 2.5 bathroom home has wonderful features such as timber ceilings, hardwood floors, and ceramic tiles. Upon entering the home, you are greeted with a foyer, living, and dining area. The kitchen is complete with stainless steel appliances as well as an island with plenty of counter space to serve a lovely meal to guests. Immaculately maintained, the front yard offers tasteful landscaping, verdant grass, a mature coconut tree, and a carport. In the back, a refreshing pool is sure to be the centerpiece of your next gathering or can be reserved as your personal oasis. There is also a pool house at the back of the house that can be used as an office.