## Balloon Payment Loan Calculator
EXAMPLES:- You have a 15 year, $90,000 loan at 4.25% (compounded monthly). You've been making standard monthly payments of $677.05 for 5 years and you'd like to pay it off now. Now you need to know how much you'll need to pay.
Enter:- 90,000 for Loan Amount
- 60 for Months
- 4.25 for Interest Rate
- 677.05 for Monthly Payment.
- Press the
**Balloon Only**button and you will see that you can pay off the mortgage with a balloon payment of $66,328.13.
- 90,000 for Loan Amount
- You are getting a $150,000 mortgage loan with a 3 year fixed interest rate of 4.5%. After that the rate can change. You want to know what your monthly payment will be for the first 3 years and how much you'll still owe.
Enter:- 150,000 for Loan Amount
- 35 for Months
- 4.5 for Interest Rate
- Press the
**Monthly & Balloon**button and you will see that your payment would be $760.03 and that you'll still owe $143,161.83 on the loan.
- 150,000 for Loan Amount
- Using the example above, let's say you want to make an extra principal payment each month. Instead of paying $760.03 per month, you're going to pay $1000 per month. Now how much will you owe after 35 months of payments?
Enter:- Leave everything the same, just change the Payment to 1000
- Press the
**Balloon Only**button and you will see that you'll owe $134,171.07 on the loan, instead of $143,161.83.
- Leave everything the same, just change the Payment to 1000
- A friend gave you a $10,000 loan at 5% interest. It is expected to be paid back within 5 years. You have been making monthly payments of $200.00 (instead of the $188.71 calculated payment) for 17 months. Now you have a little extra money and would like to pay your friend back the entire amount owed.
Enter:- 10,000 for Loan Amount
- 17 for Months
- 5 for Interest Rate
- 200 for Payment
- Press the
**Balloon Only**button and you will see that you can pay your friend back with $7,246.79.
- 10,000 for Loan Amount
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