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.

Experience the ultimate island lifestyle with this bright and breezy two-bedroom, one-bathroom home, offering captivating ocean vistas and the perfect blend of comfort, tranquility, and convenience. Nestled on Lot 17 Block 14 in the serene Rainbow Bay community in North Eleuthera, this property features a cozy 760 sq. ft. interior complemented by 800 sq. ft. of covered outdoor living space, surrounded by breathtaking natural beauty. This property also includes: an additional vacant landscaped lot (Lot 7, Block 14); access to a nearby boat ramp and beaches; a garage; and a rainwater cistern. The house is being sold furnished.

Interior Highlights:

Soaring wood ceilings with ceiling fans create an airy and inviting atmosphere.
Hurricane-resistant windows (installed in 2019) ensure safety and peace of mind.
An updated kitchen outfitted with stainless steel appliances including a new stove, range, and dishwasher (2023) are perfect for cooking and entertaining.

Outdoor Living Features:

A large beautifully crafted wraparound wooden deck extends the living space, making it ideal for entertaining and unwinding.
Enjoy panoramic views of the calm, aquamarine Bahamian sea across a canopy of trees from the Moon Deck - perfect for stargazing or sunrise coffee.
The adjacent vacant lot backing on to Lazy Shore Drive, is a gardener's delight with citrus, papaya, soursop, sugar apple, coconut, and banana trees, providing both privacy and the potential for fresh produce.

Prime Location & Amenities:

Rainbow Bay is a peaceful neighborhood, ideal for families, retirees, or anyone seeking a serene escape.
Enjoy living within close proximity to Rainbow Bay Beach, Smuggler's Beach, Twin Beach, and Hidden Beach, and launch your boat from the boat ramp just two minutes from the house.
The community is conveniently located just a 15-minute drive from two airports with international flights and also offers easy access to ferries transporting you to Nassau, Spanish Wells, and Harbour Island.

Versatile Investment Opportunity:

Whether you're looking for a primary residence, retirement home, Airbnb investment, or a vacation retreat, this property offers unmatched flexibility. Its desirable location and practical features make it a rare find.

Don't miss the chance to own this incredible piece of paradise, plus an additional adjacent vacant lot, for USD 499,000.

Contact us today to schedule a private viewing and start your journey to Island living!