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.

Step into island living with style and soul in this beautifully furnished 3-bedroom, 2-bathroom boho chic retreat perched on lot 4, Block 27, Section B, in the heart of Rainbow Bay. Creatively designed with a relaxed, individualistic flair, this 1,600 sq. ft. home blends comfort, artistry, and functionality in a quiet, serene setting"'and is just a five-minute stroll from the famed Rainbow Bay Beach.

The interior embraces a warm and welcoming boho chic aesthetic, full of personality, natural textures, and cozy charm. Downstairs, you'll find an open-concept living room with Wi-Fi, a thoughtfully appointed kitchen with custom wood cabinets and marble countertops, and a versatile bedroom ideal for guests, or easy access. Both the front and side sliding door open out on to a spacious, comfortably furnished, veranda offering a covered outdoor haven perfect for dining, lounging, and soaking in the relaxed island vibe, rain or shine. The veranda adds an additional 500 sq ft of breezy outdoor living space, ideal for entertaining.

Upstairs, two more bedrooms, each with their own private balcony, share a full bathroom and enjoy the added charm of three dormer windows that fill the space with natural light. The southwest-facing bedroom features captivating views over the turquoise Caribbean Sea. Both balconies have space to hang a hammock!

Built in 2019 with modern conveniences such as hurricane impact windows, room-darkening window treatments, an outdoor shower, BBQ pad, and natural wood floors, this home balances new-build quality with soulful design. Tucked away on a peaceful, private road, it offers the best of both worlds: tranquil seclusion, just moments from Rainbow Bay's vibrant community amenities.

Enjoy access to multiple beaches on both the Atlantic and Caribbean sides, scenic cliff walks, community parks, jogging paths, and tennis and pickleball courts.

Local shops and restaurants are within easy reach, while Governor's Harbour and Gregory Town are just a 20-minute drive away. You are also conveniently close to nearby airports and ferry docks with connections to Spanish Wells, Harbour Island, and New Providence.

This property is part of a well-managed, functioning Property Owners Association, with annual dues of just $250 and an additional $30 for road maintenance, ensuring well-maintained surroundings and infrastructure.

Whether you're looking for an income-producing Airbnb, a second home, a vacation getaway, or a full-time retirement retreat, this property checks all the boxes. With a successful two-year short-term rental history, it's already proven to be a desirable island escape for guests, while also offering all the comforts and amenities of a long-term residence.

Call now to arrange a private viewing!

This boho chic gem offers it all"'style, privacy, versatility, and a prime location in one of Eleuthera's most beloved neighborhoods.