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 income-producing, canal-front apartment complex has two 3 bedrooms 2 and 2-and-a-half-bathroom bathroom units furnished with appliances and granite countertops. The six 1 bedroom 1 bathroom units are complete with GE appliances, granite countertops, and balconies.

Provisions have been made in each unit to install a stackable washer and dryer. It is in a prime location with walking distance to the beach, Port Lucaya Market Place, restaurants, and grocery stores. The building is over 8,300 sq. ft. and sits on 43 pilings to ensure the building is secure in case of a flood. Hurricane windows and doors have been installed, along with accordion shutters to protect the glass doors. There were no structural damages from the previous hurricanes.

There is sufficient space to install a swimming pool on the property. A large entertainment dock has already been installed where intimate sunset dinners can be enjoyed.

The complex is also monitored by a security system which includes cameras and lights.

Give us a call today to arrange a viewing.