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.

Lots 26, 27, 28, 29 and 35, 36, 37 and 38, Block 10, Section A, Rainbow Bay

This extraordinary property, perched on one of the highest ridges in Rainbow Bay, offers magnificent 360-degree views of both the tranquil Bight of Eleuthera and the Atlantic Ocean, as well as the island of Eleuthera. Spanning eight lots in Block 10, Section A four on Honeycreeper Road and four on Hilltop Road the estate sits 127 to 135 feet above sea level and offers privacy, elevation, and unmatched natural beauty.

Main Residence

Located on Lot 27, the split-level home was constructed in 1992 and features 1,644 sq. ft. of interior space and 476 sq. ft. of patio area. The ground floor includes two bedrooms, one and a half bathrooms, and an open-concept kitchen, dining, and living room. Vaulted tongue-and-groove wood ceilings add warmth and character. A spiral metal staircase with beautifully crafted mahogany steps leads to a small tower (built in 2005) that serves as a third bedroom or office with stunning views of both coastlines.
The master bedroom was created by converting part of the original garage in 2007. The breezeway was enclosed around the same time to expand the interior living space. A single-car garage and laundry area are located on the western side of the home.

The home is solidly constructed with 18-inch CBS, and the roof is topped with a silicone fiberglass membrane for added insulation and storm protection. There are custom-made cedar storm shutters for all windows and doors.

Guest Structure / Studio/ Garage

A detached two-story building of similar construction on Lot 26 offers 496 sq. ft. of flexible space plus a 208 sq. ft. wraparound balcony with spectacular views. The ground floor is a garage and storage area, while the upper level accessed via an exterior concrete staircase serves as a studio, office, or guest room. Note: this structure has no plumbing but offers plenty of creative potential.


Land & Features

Lots 26 and 27 are fully landscaped with grass lawns, flowering plants, concrete walkways, and driveways. Lot 35 includes a wooden carport. Lots 28,29, 36,37 and 38 feature native coppice, fruit trees, and winding pathways. A low native stone wall encloses the perimeter of the property bearing testimony to the catching property name Many Rock Walls Mon.

Utilities & Water

An 11,000-gallon rainwater cistern is located underneath the western end of the main residence, with a secondary 2,000-gallon cistern behind the guest structure.

Location & Potential

Ideal as a full-time residence, retirement retreat, or income-producing vacation rental. Both structures are well built and ready for a creative touch to enhance their charm and functionality. Rainbow Bay offers five beautiful beaches and is close to airports, ferry terminals, shops, and restaurants.

A rare, elevated gem in one of Eleuthera s most desirable communities. Reach out now to arrange a private viewing.