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 3-story, 3 bed, 3 bath home with a living area is just over 2,800 sq. ft. and sits on a large 15,000 sq.ft. single family lot in the upscale area of Westridge Estate.

This Fixer upper is perfect for any contractor, architect or Family to complete their Dream Home or re -sale investment.

The home presently features high ceilings, impact windows, beautiful ocean views from the 3rd floor and a large outdoor space that can be used for entertaining.

Each floor has its own small balcony and the master suite is the entire 3rd floor!

With most of the work completed, maybe a redesign and little extension of the house and a pool for entertaining, this home and property will be a great investment.

Call us today to make this Home yours!!!