# Samples of Amortization Schedules by PastorGallo

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An amortization schedule is a schedule which calculates repayments of an amount. The schedule lists the payments and splits them into the two components of principal and interest. The schedule also contains some conditions such as when the money has to be paid by and what percentage the interest is charged at. At the beginning of the payments, most of the repayments are interest. As payments continue it becomes more and more principal. There are different ways amortization schedules can be calculated. They can be straight line, declining balance, annuity, bullet and increasing balance which is also known as negative amortization. Although they might not be that well known amortization schedules are the bread and butter of the financial world and banks especially when it comes to mortgages. Its important when one enters into a mortgage that one understands the different types of amortizations and appreciates how they are different. There could be a significant financial difference between picking one over another. Do you want interest-only loan or a principal balance? Which one is better for you and why? The amortization schedule is based on a mathematic formula where one enters in the amount borrowed, the interest rate and the time over which one will repay it.

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```									                                Sea Ranch Subdivision
PVAS No. 813

SAMPLE AMORTIZATION SCHEDULE
(IF ANNUAL PAYMENTS ARE MADE ON DUE DATE)

ANNUAL BILLING      ASSESSMENT         INTEREST             PAYMENT            REMAINING

TOTAL                    1, I 95.08       309.27              1,504.35

ASSESSMENT               1,195.08          5.75% INTEREST

SAMPLE AMORTIZATION SCHEDULE
(IF ANNUAL PAYMENTS ARE MADE ON DUE DATE)

1. No interest will be charged if the total assessment is paid within 33 days from the
initial billing.

2. If the annual payment method is used, interest charges begin after the first 33 days
from the initial billing date. Interest is calculated on an annual percentage rate,
applied daily.

3. The interest rate, to be approved by the Pasco Board of County Commissioners, shall
be "Prime Rate" plus 1% fixed rate, determined at the first Board meeting of the
County's fiscal year, October 1.

4. Paving Assessment bills are mailed annually on the anniversary date of the initial
billing.
Note !   All payments must be made in accordance with the above schedule. Failure
to do so could result in additional charges. It is therefore the responsibility of each
property owner to properly notify the Pasco County billing office of a,ny change of
address that would affect these mailings and / or payment schedule.

5. This is an assessment project for actual work performed and is not connected in any
way with property taxes. The Paving Assessment bill will be mailed approximately 45
days after the project has been completed.

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