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.

Perched on a scenic hilltop with sweeping Atlantic views, this solidly built 2-bed, 2-bath home on Signal Light Road in Rainbow Bay offers the perfect blend of comfort, privacy, and island charm. Set on a beautifully landscaped lot with mature fruit trees and flowering plants, the 1,096 sq. ft. residence and utility room also comprises an additional 450 sq. ft., two-car garage, and adjoining laundry room.

There is ample room for expansion on a second lot with elevations up to 135 feet which is being sold with the house and is included in the list price.

Enjoy 802 sq. ft. of expansive patio space ideal for entertaining or relaxing, accessible via double sliding screen doors from the main living area. Take in breathtaking sunrises and panoramic ocean views, with a direct line of sight to James Point.

HOA fees are $250 for developed residential properties and $100 for residential vacant lots. Restrictive covenants apply.

This home has no short-term rental history but is in an established neighborhood well suited for either an investment property, retirement residence, or second home.

Other noteworthy features include split A/C units in every room, an office area with plenty of storage, a fireplace, an open-plan great room with high ceilings, spectacular ocean views, and an outdoor shower.

The home also features a robust rainwater catchment system and a large cistern (approx. 50,000 gallons).

Located in the quiet and desirable Rainbow Bay community, you are just minutes from international airports, ferry terminals, restaurants, and shops. Five stunning beaches, including the popular Rainbow Bay Beach, are all within walking distance or a short drive - perfect for swimming, snorkeling, kayaking, and more. Rainbow Bay Homeowners enjoy access to boat ramps, jogging paths, pickle ball and tennis courts.

Whether you are looking for a peaceful primary residence, vacation retreat, or income-producing rental, this property is a rare find. Schedule your private viewing today and experience the best of island living!