How much will my payments be for a balloon mortgage?

The term of a balloon mortgage is usually short (e.g., 5 years), but the payment amount is amortized over a longer term (e.g., 30 years). An advantage of these loans is that they often have a lower interest rate, but the final balloon payment is substantial. This calculator computes the payment amount necessary for a mortgage with a balloon payment, using monthly interest compounding and monthly payments.


%$

MonthsYears

MonthsYears


Your monthly payment amount will be $1,524.56.

Your balloon payment amount will be $230,136.28.

Financial Details

Home price

$350,000.00

Down payment amount

20.000 %

Total amount financed

$280,000.00

Payment amount

$1,524.56

Balloon payment

$230,136.28

Total payments

$181,422.64

Interest rate

5.125 %

Total interest

$131,558.92

Calculator disclaimer

The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.

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