Balloon Payment Comparison Calculator

Help me compare balloon mortgages with different terms.

Calculate and compare (formatted side by side) the monthly payments and final balloon payment amount for up to 4 balloon mortgage loans. Enter your sale price, any down payment you’re making, the interest rate, the length of balloon payments, and the amortized length used to calculate the monthly payment. This calculator will then show you the monthly principal and interest payment, the final balloon payment amount, the total amount of interest you will pay and the total amount of money you will spend over the life of each loan. You can also enter the points and other closing costs and roll those into your loans. You can even enter an additional payment amount you intend to pay each month to work down your principal to reduce the final balloon payment amount.

Field Help

Input Fields

Title: A title for these calculator results that will help you identify it if you have printed out several versions of the calculator.

Lender: The name of your potential lender. This field is not required but may help if you have printed out several loan scenarios.

Sale Price: The sale price for your property. (NOT the amount of money you plan to borrow.)

Down Payment: The amount of money you plan to put as a down payment on your property.

Interest Rate: The annual percentage rate you will pay for this loan.

Length of Balloon Period: The length of your balloon mortgage or loan. Your balance or ‘Balloon Payment Amount’ will be due at this time. Also choose whether ‘Length of Balloon Period’ is years or months.

Length of Amortized Interest: The monthly payment and interest are calculated as if the mortgage or loan were being paid over this length. Also choose whether ‘Length of Amortized Interest’ is years or months.

Additional Principal: The additional amount you will pay each month (over the required ‘Monthly Payment’ amount) to pay down the principal on your loan.

Points: The number of points (or percentage of the loan amount) you’ll be paying to close this loan. Check ‘Roll into Loan’ if the cost of the loan points is being financed and included in the ‘Loan Amount’.

Other Closing Costs: Any other costs you’ll be paying during the closing of your loan. These might be costs like the appraisal, property taxes, property insurance, title insurance, realtor fees, etc. Check ‘Roll into Loan’ if your closing costs (not to include loan points) is being financed and included in the ‘Loan Amount’.

Output Fields

Monthly Payment: ‘Principal’ + ‘Interest’ + ‘Additional Principal’ (where applicable) to be paid each month. Actual payment could include escrow for insurance and property taxes plus private mortgage insurance (PMI).

Balloon Payment Amount: The amount due at the end of ‘Length of Balloon Period’.

Loan Amount: ‘Sale Price’ – ‘Down Payment’ + ‘Points’ (if rolled into loan) + ‘Other Closing Costs’ (if rolled into loan).

Total Interest: Total amount of interest you will pay over ‘Length of Loan’.

Total Paid: Total amount of principal + interest you will pay over ‘Length of Loan’.

Payoff Time: Amount of time until the loan is paid off.

Number of Payments: The number of payments you will make to pay off the loan.

Annual Cost: The amount of money you will pay each year for this loan.

Points Amount: The points percentage applied to the amount you borrow gives the dollar amount the loan points will cost.

Total Property Cost: Total cost of this property when you include the ‘Sale Price’, ‘Points Amount’, ‘Other Closing Costs’ and the ‘Total Interest’ to be paid on the mortgage.

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