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Balloon Mortgage Calculator

Balloon Mortgage Calculator excel to calculate your monthly payment and get an amortization schedule with balloon payment excel. Balloon payment calculator to give you a monthly breakdown of interest, principal, and remaining balance as well as a summary of the total balloon payment and the total payment.

Balloon Payment Calculator

Mortgage Amount
Loan Terms
years
Interest Rate
Balloon Payment Due
years
First Payment Date

Balloon Mortgage Calculator Results

Monthly Payment:
$1,610.46
Balloon Payment:
$277,096.66
Total Principal Paid:
$300,000.00
Total Interest Paid:
$72,114.09
Total Payment:
$372,114.09

Amortization Schedule With Balloon Payment

Payment Date Payment # Interest Paid Principal Paid Total Payment Remaining Balance
Jul, 2022 1 $1,250.00 $360.46 $1,610.46 $299,639.54
Aug, 2022 2 $1,248.50 $361.97 $1,610.46 $299,277.57
Sep, 2022 3 $1,246.99 $363.48 $1,610.46 $298,914.09
Oct, 2022 4 $1,245.48 $364.99 $1,610.46 $298,549.10
Nov, 2022 5 $1,243.95 $366.51 $1,610.46 $298,182.59
Dec, 2022 6 $1,242.43 $368.04 $1,610.46 $297,814.56
Jan, 2023 7 $1,240.89 $369.57 $1,610.46 $297,444.99
Feb, 2023 8 $1,239.35 $371.11 $1,610.46 $297,073.87
Mar, 2023 9 $1,237.81 $372.66 $1,610.46 $296,701.22
Apr, 2023 10 $1,236.26 $374.21 $1,610.46 $296,327.01
May, 2023 11 $1,234.70 $375.77 $1,610.46 $295,951.24
Jun, 2023 12 $1,233.13 $377.33 $1,610.46 $295,573.90
Jul, 2023 13 $1,231.56 $378.91 $1,610.46 $295,195.00
Aug, 2023 14 $1,229.98 $380.49 $1,610.46 $294,814.51
Sep, 2023 15 $1,228.39 $382.07 $1,610.46 $294,432.44
Oct, 2023 16 $1,226.80 $383.66 $1,610.46 $294,048.78
Nov, 2023 17 $1,225.20 $385.26 $1,610.46 $293,663.52
Dec, 2023 18 $1,223.60 $386.87 $1,610.46 $293,276.65
Jan, 2024 19 $1,221.99 $388.48 $1,610.46 $292,888.17
Feb, 2024 20 $1,220.37 $390.10 $1,610.46 $292,498.07
Mar, 2024 21 $1,218.74 $391.72 $1,610.46 $292,106.35
Apr, 2024 22 $1,217.11 $393.36 $1,610.46 $291,712.99
May, 2024 23 $1,215.47 $394.99 $1,610.46 $291,318.00
Jun, 2024 24 $1,213.83 $396.64 $1,610.46 $290,921.36
Jul, 2024 25 $1,212.17 $398.29 $1,610.46 $290,523.07
Aug, 2024 26 $1,210.51 $399.95 $1,610.46 $290,123.12
Sep, 2024 27 $1,208.85 $401.62 $1,610.46 $289,721.50
Oct, 2024 28 $1,207.17 $403.29 $1,610.46 $289,318.21
Nov, 2024 29 $1,205.49 $404.97 $1,610.46 $288,913.23
Dec, 2024 30 $1,203.81 $406.66 $1,610.46 $288,506.57
Jan, 2025 31 $1,202.11 $408.35 $1,610.46 $288,098.22
Feb, 2025 32 $1,200.41 $410.06 $1,610.46 $287,688.16
Mar, 2025 33 $1,198.70 $411.76 $1,610.46 $287,276.40
Apr, 2025 34 $1,196.98 $413.48 $1,610.46 $286,862.92
May, 2025 35 $1,195.26 $415.20 $1,610.46 $286,447.72
Jun, 2025 36 $1,193.53 $416.93 $1,610.46 $286,030.78
Jul, 2025 37 $1,191.79 $418.67 $1,610.46 $285,612.11
Aug, 2025 38 $1,190.05 $420.41 $1,610.46 $285,191.70
Sep, 2025 39 $1,188.30 $422.17 $1,610.46 $284,769.53
Oct, 2025 40 $1,186.54 $423.93 $1,610.46 $284,345.61
Nov, 2025 41 $1,184.77 $425.69 $1,610.46 $283,919.92
Dec, 2025 42 $1,183.00 $427.47 $1,610.46 $283,492.45
Jan, 2026 43 $1,181.22 $429.25 $1,610.46 $283,063.21
Feb, 2026 44 $1,179.43 $431.03 $1,610.46 $282,632.17
Mar, 2026 45 $1,177.63 $432.83 $1,610.46 $282,199.34
Apr, 2026 46 $1,175.83 $434.63 $1,610.46 $281,764.71
May, 2026 47 $1,174.02 $436.45 $1,610.46 $281,328.26
Jun, 2026 48 $1,172.20 $438.26 $1,610.46 $280,890.00
Jul, 2026 49 $1,170.37 $440.09 $1,610.46 $280,449.91
Aug, 2026 50 $1,168.54 $441.92 $1,610.46 $280,007.98
Sep, 2026 51 $1,166.70 $443.76 $1,610.46 $279,564.22
Oct, 2026 52 $1,164.85 $445.61 $1,610.46 $279,118.60
Nov, 2026 53 $1,162.99 $447.47 $1,610.46 $278,671.13
Dec, 2026 54 $1,161.13 $449.34 $1,610.46 $278,221.80
Jan, 2027 55 $1,159.26 $451.21 $1,610.46 $277,770.59
Feb, 2027 56 $1,157.38 $453.09 $1,610.46 $277,317.50
Mar, 2027 57 $1,155.49 $454.98 $1,610.46 $276,862.53
Apr, 2027 58 $1,153.59 $456.87 $1,610.46 $276,405.66
May, 2027 59 $1,151.69 $458.77 $1,610.46 $275,946.88
Jun, 2027 60 $1,149.78 $275,946.88 $277,096.66 $0.00

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Amortization schedule with balloon payment

The balloon loan calculator offers a downloadable and printable loan amortization schedule with balloon payment that you can view and download as a PDF file. Simply enter the mortgage, loan terms, interest rate, and the balloon payment due to get started.


What is a balloon mortgage?

A balloon mortgage is a short-term mortgage, usually 5 to 10 years, but the payment is amortized based on a 30-year term. Borrowers are expected to pay off the mortgage after this period. Before the balloon payment is due, borrowers make regular monthly payments which are relatively small compared to the balloon payment that will be due later. Balloon mortgages are used for both residential and commercial properties and are common for commercial mortgages and business loans. Balloon mortgages are also available for auto loans although less common.


How does a balloon payment work?

The balloon mortgage is designed to have lower monthly mortgage payments in exchange for making a big lump sum after certain years. Lenders expect the borrowers to repay the loan in the form of a balloon payment after the initial 5 - 10 years. For example, if a balloon payment is for 5 years, borrowers will make regular monthly payments for 4 years and 11 months, and then pay off the outstanding balance in the last payment.


Balloon mortgage pros and cons

There are many advantages and disadvantages of a balloon mortgage, following are the pros and cons.

Pros of a balloon mortgage

  • Lower monthly payment - borrowers make a low monthly payment before the balloon payment is due.
  • Buy a house sooner - balloon mortgages give borrowers to buy a house sooner since they will be making much smaller monthly payments before the balloon payment is due. Borrowers who expect to increase their income significantly such as a big bonus from work, salary jump, returns from another investment, or receiving an inheritance can take advantage of a balloon mortgage.
  • Short-term loan - if you are planning to sell the house in a few years, it makes sense to get a short-term loan rather than a 30-year fixed mortgage.
  • Option to refinance - if you are not able to make the balloon payment when it is due, you can refinance the mortgage into a longer-term mortgage.
  • Faster processing time - unlike a traditional mortgage where it takes much longer to process, underwrite and approve, balloon mortgages usually have a shorter processing time.

Cons of a balloon mortgage

  • Large lump-sum payment  - The lump-sum payment that borrowers are required to pay is large when it is due.
  • Losing your house - If borrowers cannot afford to pay the balloon payment, they face the risk of losing their house. Lenders will put the house in foreclosure if borrowers cannot repay their mortgage.
  • Higher interest rate - since balloon payments are short term loans, the interest rate is higher than a conventional 30 year mortgage.
  • Build equity slowly - Since the monthly payment is lower, the principal payment will also be lower, which means borrowers are building equity on their house much slower.
  • Need more money - If circumference changes such as job loss or income cut, borrowers may not be able to pay off the balloon payment. They may need to borrow more money in the future to cover the payment for the balloon payment.


How to calculate balloon payment?

The balloon payment is calculated just like a regular mortgage or loan payment except for the last balloon payment. The balloon payment formula is given below. A = (P x i) / (1 - 1 / (1 + i)^ n)) A = monthly payment P = the mortgage amount i = monthly interest rate in decimal n = the number of months of the term The above formula calculates the regular monthly payment for the balloon mortgage. At the end of the nth month, borrowers are required to pay back the outstanding mortgage amount.


Balloon Payment Example

Let's take a look at an example of how to calculate balloon payment. A $250,000 mortgage with 5% interest, a 30-year term, and the balloon payment is due in 5 years. Mortgage - $250,000 Interest Rate - 5% Term = 30 years Balloon Payment Due = 5 years Following the formula above, we get A = (P x i) / (1 - 1 / (1 + i)^ n)), Since we need to use the monthly interest rate in decimal form, we have to first divide the interest rate by 12 and 100. We also need to use the loan terms in months instead of years. Therefore, i = i / 12/ 100 n = 30 x 12 = 360 A = 250,000 x 5/12/100/(1 - 1/(1 + 5/12/100) ^ 360) A = 250,000 x 0.004167/(1 - 1/(1 + 0.004167) ^ 360) A = 1,041.67/(1 - 1/1.004167^360) A = 1,041.67/(1- 1/4.46828) A = 1,041.67/(1 - 0.2238) A = 1,041.67/(0.7762) A = 1,342.05 Hence, $1,342.05 will be the monthly payment for the first 59 months, and borrowers will need to pay off whatever outstanding amount is left in month 60 when the balloon payment is due. In this case, the outstanding balance is $230,913.88 after 5 years. You can use the balloon mortgage payment calculator to calculate the balance. In addition, you will get the monthly payment and the amortization schedule with balloon payment.


Balloon Loan Calculator

The balloon mortgage calculator can be used to calculate any type of balloon loan or mortgage payment. For conventional loans, please use the simple loan calculator or the advanced mortgage calculator. Following are the definitions of the balloon mortgage calculator. Mortgage Amount - The mortgage that a borrower plans to take out. Loan Terms - The number of years the balloon mortgage is based on. Balloon Payment Due - In how many years is the borrower expected to pay off the outstanding balance. First Payment Date - Borrowers are free to choose when the first payment date be. It could be a date from the past, present, or future.


5 Year Balloon Mortgage Calculator

The above example shows a 5 year balloon mortgage calculator that calculates balloon payments for 5 years. You can change the year to any number of years and calculate the balloon payment. This balloon mortgage calculator does not come with extra payments. You will need to use our regular mortgage calculator with PMI and extra payments for extra payments.


15 Year Balloon Mortgage Calculator

15 year balloon mortgage calculator calculates balloon payments for 15 years. Simply change the number of years to 15 and you will get the monthly payment information for the first 15 years with a big payment at the end of the term.





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