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.

Income earning property with room to grow!

This is a rare opportunity to own an income earning six-plex in the coveted western end of New Providence. The property itself has almost half an acre of additional undeveloped yard space, enough to build your own residence or perhaps a pool and outside recreation area, and maybe another six units at least!

The existing 6 units are 1,341 square feet each, and comprise of an open and airy living, dining area and a solid wood kitchen featuring a pantry! There is a separate laundry room and storage on the ground floor as well as a convenient powder room, and 2 bedrooms with en suite bathrooms on the upper floor. The upper floor has a small, usable balcony, and the downstairs features both a front and rear porch. Some units are furnished, and will be sold with the furniture.

Located between the airport and the beach, this property would make an excellent short term rental property! It currently makes a tidy income as is, to long term tenants at $2,500 per month. ($180,000 per annum)

Tropical Gardens is in a well known 'tourist' area near the airport and a short distance to a beautiful beach, restaurants, shopping and more, this complex is complete with electric gates and security lights and cameras.

What are you waiting for?