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 fully approved subdivision is set on just under 15 acres of land off one of the best beaches in Eleuthera. The subdivision is strategically located between Governor's Harbour and the airport with great elevation sea views, and because the subdivision was created and approved in the 1960s, lots can be sold and homes built on immediately.

Currently, out of the 34 lots in the subdivision, there are three lots that have been sold. The main road exists almost to the beach but the second road is no longer passable. Currently, there are no utilities pulled to the properties, so the new buyers would need to pull in power and water to the lots.

For the developer/builder looking to get a home building project going with minimal red tape, The Island Beach Club is one of the best ways to make this happen on Eleuthera.