Warning! While interest-only loans may look appealing due to the low monthly payment, you still have to pay off the loan eventually. Interest-Only Mortgage LoansĪn option has been added to the spreadsheet to choose between monthly payments However, there are many other costs associated with home buying/selling that the calculator does not take into account, such as property taxes, escrow payments, mortgage insurance, homeowner's insurance, closing costs, etc.
![balloon payment mortgage calculator balloon payment mortgage calculator](http://www.wikihow.com/images/7/73/Calculate-a-Balloon-Payment-in-Excel-Step-17.jpg)
This spreadsheet can be useful as a mortgage calculator, particularly for calculating the balloon payment that is made when you sell your house after a number of years. Balloon Loan Calculator to quickly calculate the monthly payment for your balloon loan.
![balloon payment mortgage calculator balloon payment mortgage calculator](https://www.wallstreetmojo.com/wp-content/uploads/2019/05/Balloon-Payments-Example-3.png)
Using the Balloon Payment Calculator for Mortgages The "Balloon Payment with Rounding" value is taken directly from the amortization schedule, which ensures that the final balance is zero. This tool can help real estate investors quickly calculate the monthly payment amount for a balloon loan. The latest versions of the balloon loan calculator (v1.3+) take into account the fact that the regular payment and the interest are rounded to the nearest cent. So, to keep the monthly payments low at first, we set up a 3-year loan with the plan to pay the loan off completely after about 6 months. To use this balloon mortgage calculator, enter the following: Loan Amount: Enter the total value of the property or item being purchased. Why? Mainly because I didn't have the cash in hand to pay for the car in one lump sum, but I knew that I would after 6 months (because after 10 years of being a student, I was finally going to have a job). I originally created this spreadsheet to figure out a payment schedule for a car loan or auto loan.