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.
Home price
Down payment amount
%$
Amortized over
MonthsYears
Balloon payment after
Interest rate
Show payment schedule
Your monthly payment amount will be $1,524.56.
Your balloon payment amount will be $230,136.28.
$350,000.00
20.000 %
Total amount financed
$280,000.00
Payment amount
$1,524.56
Balloon payment
$230,136.28
Total payments
$181,422.64
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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Shrewsbury Federal Credit Union, Serving our Community and Members Since 1960.
We now serve the towns of Berlin, Boylston, Clinton, Grafton, Holden, Millbury, Northborough, Shrewsbury, Sterling, West Boylston, Westborough and Worcester.
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