![]() ![]() You can structure a loan just the way you want it. If that's what you wanted to know - what the balloon payment amount will be for a loan, then you're finished.īut with this calculator, it's possible to do more. Mortgage schedule showing the final balloon payment. A balloon mortgage is usually rather short, with a term of 5 years to 7 years, but the payment. Step 2: Now to calculate the balloon payment amount, with the balloon due after five years, set the calculator as follows: Mortgage Loan Amount?:Ĭlick "Calc," and this is the balloon that will be due in the final month of the fifth year if the debtor makes payments based on an assumed term of 30 years: Final Balloon Payment (can be 0)?: Calculate balloon mortgage payments A balloon mortgage can be an excellent option for many homebuyers. (The final payment gets rounded by slightly more than $1.00 or less than $0.005 per each regular payment.) Mortgage Payment (P&I)?: $1775 is the "regular" payment amount for a 30-year loan. That is the final payment will not be a balloon payment.Ĭlick "Calc" and here are the results. When you enter "0" for both "Mortgage Payment (P&I)" and "Final Balloon Payment," you are setting up the calculator to calculate a level payment for the entire term of the loan. Two steps to calculate monthly mortgage payments and a final balloon payment You want the monthly payment calculated based on a 30-year loan, but you'll pay the balance after 60 months. Note: If you do not know the regular mortgage payment amount, we must calculate it before calculating the final balloon amount.Įxample: Assume you are considering a mortgage for $395,500. Or do you want to calculate the periodic payment using, say, a 30-year term while the balloon gets computed using a 7-year term? Yup, you can do that calculation too.Īs mentioned, a balloon mortgage is a loan that has its regular periodic payment calculated using one term (for example, 30 years) when the last payment is due sooner (for example, in 5 years).Or do you want to lower the periodic payment even further? Then select interest-only payments.Or do you need to set the regular payment to an agreed-upon but nontraditional amount before calculating the balloon? This calculator is capable of doing that calculation as well.Or do you have a budget for both the periodic payment, and the balloon payment and you want to know how much you can borrow? This calculator can use your inputs to calculate the mortgage loan amount.Want to know what periodic payment will result in a specific final balloon amount? This calculator will calculate the regular, periodic mortgage payment.This mortgage calculator with balloon provision will not only calculate the final balloon payment it will also help you structure a mortgage to meet your specific needs.Ĭheck out these additional loan scenarios: The final payment is called a balloon payment because of its large size." Wikipedia defines a balloon mortgage as a loan "which does not fully amortize over the term of the note, thus leaving a balance due at maturity.
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