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.

Southwinds boasts panoramic hilltop sea views and a private dock slip in the marina. Located within the Abaco Ocean Club subdivision on the south end of Lubbers Quarters, this charming home takes in views from every angle of the turquoise and tranquil Sea of Abaco, including Tahiti Beach at the south end of Elbow Cay and Tilloo Cut. The home features an open, bright living plan with 2 bedrooms and 2 bathrooms on the main living level and a spacious loft with 360 views on the upper floor. The ground level features a fully enclosed garage and several storage and utility rooms. The deeded dock slip is just down the lane within the community-protected boat basin, where it is currently home to a 27 Ft Jupiter. World-class fishing and island hopping are right out your backdoor. A 2016 low-hours Polaris Ranger is also included. Adjacent hilltop lot also available for $99,000. Contact us today for more info.