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.

Situated on a double lot in the heart of Hope Town's Historic Settlement, this commercial/residential building is a rare opportunity with three rental income opportunities. Moonlight penthouse is a two-bedroom, two-bath, second-story flat that commands $2,500+ a week in income. It offers views of both the harbor and the Atlantic Ocean. Downstairs, Nooky-Nook, an open floorplan studio commanding $1000/week, features a deck overlooking Lovers' Lane (steps away from Vernon's grocery, beach access, and the Lower Public Dock). The west-facing commercial space along Front Street is a prime location in the Hope Town Settlement and is currently leased as office/retail space. In addition, it has a restroom, a large entertaining deck, and a 120 sq. ft. ramp, useful for deliveries, strollers, and wheelchairs. A generous utility room services the rental units and functions as the owner's storage area. A standby 20kw Perkins generator powers the entire building, and approximately 6000 gallons of water storage are split into three separate areas.