However, these figures may not always be correct.
Other places you can look to confirm the correct amount can include a copy of the appraisal report or your closing statement. Be sure that you are reviewing the most recent copy along with any applicable addendums or counteroffers. To verify the correct amount, we recommend looking at a copy of your fully executed purchase agreement. If you are purchasing a home, this figure will be what you’ve agreed to pay for the property. Below is a brief description of each of these inputs. The balloon payment calculator we’ve provided will tell you what your monthly payments will be based on certain figures such as the interest rate, your down payment, and the purchase price of a property. Visit Lendio Balloon Mortgage Calculator Inputs
Working with it allows you to get paired with a dedicated loan specialist who can match you with the lenders best suited for your circumstances. If you’re looking for a balloon mortgage, consider checking out Lendio, a business loan broker with over 75 lenders in its network. If you’re trying to determine what you can afford, you can use our balloon mortgage calculator above to help determine what your monthly payments will be, your final balloon payment amount, and the total of all interest changes that you will have paid. By comparison, fully amortized loans do not require this lump-sum balloon payment as the balance is typically paid in equal installments over a period.īalloon mortgages, however, typically have lower monthly payments. A balloon mortgage is a type of loan that requires a final lump-sum payment to be made at the end of the financing term.