![]() (In that case, set the number of extra payments to "Unknown.") The multiple extra payments can be for 2 or any number up until the loan is paid-in-full. You can, therefore, schedule extra payments between the regular due dates if doing so is better for your cash flow.Īs mentioned elsewhere, the calculator allows for a one-time extra payment or for multiple extra payments. First, you'll notice the calculator prompts you for "Extra Payments Start?" date. The calculator's support for extra payment is very flexible. You can structure a loan, just the way you want it.īalloon Amortization Schedule with Extra Payments 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. Step 2: Now to calculate the balloon payment amount, with the balloon due after six years, set the calculator as follows: Amount of Loan?:Ĭlick "Calc," and this is the balloon that will be due in the final month of the sixth year if the debtor makes payments based on an assumed term of 30 years: Final/Balloon Payment (can be 0)?:Īmortization schedule showing final balloon payment. (The final payment gets rounded by less than $2.00 or less than $0.01 per each regular payment.) Periodic Payment?: $737 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 "Periodic Payment" and "Final/Balloon Payment," you are setting up the calculator to calculate a level payment for the entire term of the loan. You want the monthly payment calculated based on a 30-year loan, but you'll pay the balance after 72 months. If you do not know the amount of the regular loan payment, then we must calculate it before we can calculate the final balloon amount.Įxample: Assume you are considering a mortgage for $146,500. See "Doing the Two-Step" belowĪs mentioned, a balloon loan is a loan that has its regular periodic payment calculated using one term (say 30 years) when the last payment is due sooner (say in 7 years). Or do you want to calculate the periodic payment using say a 30-year term while the balloon is computed using a 7-year term? Yup, you can do that calculation too.Or do you want to lower the periodic payment even further? Then select interest-only payments.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 loan amount.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.Want to know what periodic payment will result in a specific final balloon amount? This calculator will calculate the regular payment.This Balloon Loan Calculator will not only calculate the final balloon payment, it will also help you structure a loan to meet your exact needs.Ĭheck out these additional loan scenarios: The final payment is called a balloon payment because of its large size." Wikipedia defines a balloon loan or mortgage as a loan "which does not fully amortize over the term of the note, thus leaving a balance due at maturity. This sheet has the formulas already entered, so all you have to do is plug in your numbers and print.Balloon loan - a whimsical name don't you think for a potentially risky financial product? Microsoft Office Online - Stick to this site if you're looking to download an amortization table to Excel or another spreadsheet program. This is one of the few sites that lets you print an amortization table for adjustable rate, graduated or balloon mortgages. It is a very simple three-column table for fixed-rate loans only. This site is operated by a manufacturer of real estate software. You can get yours by inputting your information in the calculator, and you also have the option to view average interest rates by zip code. This simple site consists of amortization charts. Options you may want to consider include:ī - This site includes a mortgage calculator that allows you to generate a printable amortization schedule and see the impact of making extra payments.Ĭ - This straight-forward amortization calculator includes line items for standard loan terms, along with a line to specify the payment frequency (i.e. For example, there are tools available that produce results in Excel or that are designed to create calculations based on things like adjustable rates, balloon notes or payment frequency. The amortization table provided above is fairly basic, though you can find other tools to use if you are looking for a more sophisticated resource. Additional Resources for Amortization Tables
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