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Balloon Mortgage Calculator

Balloon Mortgage
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Using our balloon mortgage calculator is straightforward and simple; plus, it offers a wealth of information on the real cost of your balloon loan.

Overview of a balloon mortgage: Your loan has a fixed period of repayment (monthly payments) that are amortized over 30 years. Fixed payment periods typically can range from 3 to 10 years. You can have a straight balloon at the end or you can have an adjustment period for continued amortization and new monthly payments.

Typically, at the end of the fixed period of the balloon note, and provided specific contract conditions have been met, the rate will adjust to a predetermined amount (usually .50 bps above current market rate). From here, the loan will continue -- fully amortized as a 30 year note. Naturally, if interest rates are higher, your monthly payment will increase (and could also decrease if rates are lower).

If the conditions within the note have not been met, then the loan will balloon and the remaining balance owed on the mortgage will become due in full. It's very important when considering a balloon mortgage that you review all documents carefully to fully understand all of the conditions before signing.

Options for our balloon mortgage calculator include the principle balance of the loan amount, interest rate, and the monthly pre-payments you're making. Your balloon loan type repayment options in this calculator include:

  • Standard 3 year balloon
  • 5/25 - 5 Years Fixed - Rate adjusts, then 24 years (or your loan balloons & is considered fully matured)
  • 6/24 - 6 Years Fixed - Rate adjusts, then 24 years (or your mortgage balloons & is owed in full)
  • 7/23 - 7 Years Fixed - Rate adjusts, then 23 years (or your note balloons & the balance comes due)
  • 8/22 - 8 Years Fixed - Rate adjusts, then 22 years (or your loan matures & must be paid in full)
  • 9/21 - 9 Years Fixed - Rate adjusts, then 21 years (or the full balance is due & payable)
  • 10/20 - 10 Years Fixed - Rate adjusts, then 20 years (or your balance must be settled in full)

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